Adoption of e-invoicing continues to progress in Latin America, and a notable example of this progress can be seen in recent developments in Colombia and Peru during the month of September.
E-invoicing adoption in Asia has grown quickly in recent years, positioning the region at one of the highest annual growth rates for e-invoicing.
The recent Economic and Financial Affairs Council, commonly known as ECOFIN, convened in Luxembourg in July. During this meeting, EU member states demonstrated broad agreement on the majority of proposals presented under the ViDA project.
The publication of Directive 2014/55/EU marked a turning point for e-invoicing. Since then, e-invoicing has spread to every corner of the European continent. Prior to this legislation, Denmark, Sweden and Finland were the pioneering countries that took a step forward in implementing e-invoicing. Initially, it started with B2G transactions, and in the near future, mandatory use is expected to be extended to all B2B transactions.
E-invoicing in the United Kingdom began to take shape in 2010 with the establishment of the National e-Invoicing Forum. This forum aimed to promote electronic invoicing in both the public and private sectors of the country.
Since the publication of Directive 2014/55/EU, e-invoicing has spread to all countries on the European continent.
The Romanian Ministry of Finance announces new plans to extend mandatory B2B e-invoicing, which will start in July 2024, to B2C transactions.
It is expected that in July 2024, at the same time as mandatory B2B e-invoicing starts in Romania, the voluntary period for B2C transactions will start, which is expected to become mandatory in January 2025.
As part of the digital reporting requirements and the ViDA project, Romania will have to harmonise its centralised settlement model with the reforms proposed by the EU by 2035.
From 1 January 2022, Poland has initiated the voluntary phase of implementingelectronic invoicingthrough the National Electronic Invoicing System (KSeF). This marks the start of the widespread adoption of e-invoicing in the country.
On 8 December 2022, the European Commission published a set of initiatives aimed at controlling and modernising the VAT system and preventing tax evasion. This package of measures is known as the ViDA (VAT in the Digital Age) project, an action plan that will help make VAT more resistant to fraud by embracing and promoting digitalisation.
PEPPOL was created in 2008 as a pilot Project by the European Comission and is governed by a set of specifications and standars based on multilaterals agreements. Its acronyc stands for Pan-European Public Procurement Online (PEPPOL).
