Many tax authorities in Europe want more data from taxable companies, and at a faster pace: preferably each invoice individually and as soon as it has been issued - and not at the end of the month as is the case today. The aim is to make VAT evasion more difficult and to replenish government coffers, which are empty due to the coronavirus, without unpopular tax increases.
Some countries, such as Italy and soon France and Poland, are combining this increased transparency with a simultaneous increase in efficiency for their economy through the introduction of mandatory electronic invoicing, which is standardized for everyone. The EU is now considering whether these tax reporting obligations and electronic invoicing should be standardized across Europe.
The effects of this possible integration were discussed at the current e-invoicing summit. There was a series of presentations by and with internationally active companies, tax consulting firms, EDI service providers, universities, associations and representatives of public authorities, who spoke about the consequences of this international trend.
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