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| Soon, VAT payers will have to invoice electronically |
| Bratislava, 31.12.2024 |
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| From 2027, value added tax (VAT) payers should be obliged to invoice electronically and report data from domestic transactions to the tax administration in real time. This follows from the amendment to the VAT Act, which is being prepared by the Ministry of Finance (MF) of the Slovak Republic. Preliminary information about it was published on the slov-lex.sk portal.
The change is related to the fight against tax evasion and transposes the relevant European directive. "The measure on the part of the state will contribute to an effective fight against tax fraud, has the potential to reduce tax loopholes in both value added tax and corporate income tax and improve tax collection," said the submitter. According to the Ministry of Finance, business operations will be simplified for entrepreneurs and the business environment will be improved.
According to the amendment, only an invoice that contains information required by the VAT Act will be considered an electronic invoice. It must also be produced, sent and received in a structured electronic format that allows for its automatic processing and complies with the European standard for electronic invoicing. Data from electronic invoices are to be reported online to the Financial Administration.
"The aim of these changes is to digitize the entire process from the preparation at the supplier to the processing of the electronic invoice at the customer, as well as the subsequent sending of data from the electronic invoice to the Financial Administration so that the entire process is automated with a minimum of manual intervention, resulting in a significant shortening of the processes related to the receipt of invoices and their subsequent processing," the Ministry of Finance explained. The earlier introduction of the system for domestic transactions is also intended to prepare payers for the mandatory reporting of data on cross-border transactions, which is to be effective on 1 July 2030 according to the European directive.
In addition to these changes, the amendment to the VAT Act is also to bring adjustments to tax registration from 1 January 2026 in order to eliminate the evasion of the registration obligation. Changes are also to occur in the area of cancellation of registration. The intention is to prevent the re-entry into the VAT system of persons who have demonstrably actively and knowingly participated in fraudulent transactions.
The public can participate in the preparation of the amendment by sending suggestions or proposals until 31 January 2025. The expected date for the start of the comment procedure is the 2nd quarter of 2025.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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