The Law on Electronic Invoicing (hereinafter: the “Law”), which entered into force in May last year, was amended by the Law on Amendments to the Law on Electronic Invoicing, adopted at the end of December 2021. The subject amendments postponed the application of the Law until May 1, 2022.
We remind you that the Law, which regulates and establishes the procedure and rules of electronic business, distinguishes between optional and mandatory issuance of electronic invoices, as well as the introduction of a mandatory regime of electronic recording of value added tax in the electronic invoicing system. The obligation of electronic invoicing refers to:
• all transactions between public sector entities,
• all transactions between private and public sector entities, when on the one hand there are legal entities and entrepreneurs who are VAT payers, and on the other hand there are public sector entities,
• transactions between legal entities, ie entrepreneurs, in the case when both the issuer and the recipient of the electronic invoice are liable for VAT.
According to the initial letter of the Law, the implementation of obligations should have started from the beginning of the current year, more precisely from January 1, 2022, but the amendments to the Law, adopted at the end of December 2021, postponed their implementation until May 1, 2022. In that way, the subjects to which the obligation of electronic invoicing applies have an additional deadline in which they will have the opportunity to harmonize their business with the new Law in a timely manner.
However, the representatives of the Accounting Chamber called on the competent Ministry to reconsider the postponement of the application of the Law in question, bearing in mind that it is necessary to make a complete change in the system of issuing and posting invoices and pointing out certain inconsistencies. the deadline for posting invoices according to the Law on Accounting is 15 days, while the deadline according to the new Law is 5 days, etc.).
For now, the Ministry of Finance states that there will be no delay in the transition to the new system and calls on all economic entities to take all measures in time to be ready in time for the new system.
You can read more about the rights and obligations proscribed by law in our earlier article. We note that, in accordance with the Law, the electronic invoice is a credible document in the sense of the Law on Enforcement and Security, which greatly simplifies and shortens the procedure for collection of receivables.
This article is for informational purposes only and does not constitute legal advice. If you need additional information regarding the subject, feel free to contact us by email office@ncrlawyers.com or by phone +381677049551.
