Sinisa Mali: “ Electronic invoices will improve the economic environment ”
In an article he wrote for LinkedIn, the Minister of Finance, Sinisa Mali, explains the improvements of the new law on electronic invoicing in Serbia.
“The new law on electronic invoicing is part of the structural reforms that will significantly improve the business environment in the Republic of Serbia and greatly facilitate business operations, which are two of the most important objectives that we had in mind during the drafting of this law. First, from January 1, 2022, doing business with the state will become cheaper and more secure, so that the prescribed method of sending, receiving and storing electronic invoices will be gradually adopted by companies under mutual transactions ”, declared the Minister.
The structural reform, of which the law on electronic invoicing is an integral part, comprises two measures: the implementation of a new tax model and the switch to electronic invoicing. Regarding the introduction of a new tax model, a new law was adopted at the end of 2020 and its implementation will start on January 1, 2022. The tax law will contribute to the elimination of the underground economy, to a more effective control and better tax collection.
The envisaged tax model is based on an online system which will allow the Serbian tax administration to present data on issued tax invoices in real time. The tax law creates the conditions for effective monitoring and control of taxpayers exposed to the risk of tax evasion. Obviously, this will facilitate better control of tax payments at the premises of the tax administration, so that less controls on the ground will be required.
The use of electronic invoices will be free of charge to avoid additional costs for businesses and the implementation of the electronic invoice law will certainly speed up the work and the business process, while providing greater legal certainty for all businesses in operation. regarding the submission and receipt of invoices, as well as their better storage. In addition, the new invoice exchange system will save time and accelerate the collection of invoices between companies, in addition to having a positive impact on the reduction of some of the costs now borne by companies.
The new regulatory framework envisages the introduction of a centralized platform for the exchange of electronic invoices, both between businesses (business to business) and in the area of private and commercial transactions with the public sector (business – government ), with the aim of replacing paper invoices with digital invoices. The digital invoice will be transmitted via a centralized platform from the sender to the recipient of the invoice.
The law provides for several exemptions from the compulsory electronic invoicing regime. First, with regard to individual transactions, no mandatory electronic invoicing has been introduced. In addition, the electronic invoicing obligation in transactions between private sector entities is also limited, as an unlimited electronic invoicing obligation between all private sector entities is governed by Directive 2014/55 / EU.
With the exception of the public sector, the range of business entities covered by the provisions of the e-invoicing law is reduced to value-added taxpayers (VAT), leaving the possibility for taxpayers not subject to VAT to register. voluntarily to use the system (provided they are independent taxpayers) The rights and obligations of the new law therefore do not apply to natural persons, ie ordinary citizens.
“I would like to stress that there will be a gradual introduction of the obligation to issue and receive electronic invoices. Three dates are crucial: January 1, 2022, July 1, 2022, and January 1, 2023. First, the public sector is obligated to receive (and store) electronic invoices, as well as issue the electronic invoice to another entity. of the public sector. At the same time, the private sector entity is required to issue an electronic invoice to the public sector entity. On the other hand, the obligation for a private sector entity to receive and store an electronic invoice issued by a public sector entity, as well as electronic invoices issued by a private sector entity, applies from July 1, 2022. Finally, the obligations to issue and store electronic invoices in transactions between private sector entities come into force from 1 January 2023. The dates from which the obligation to electronically record the calculation of the tax on the added value are also indicated ”, declared the Minister of Mali and added:
“It is provided that an electronic invoice can be printed in one or more copies until the expiry of the mandatory retention period for electronic invoices, in order to guarantee the authenticity of the origin and the integrity of the content of the printed invoice invoice. This is important because the law establishes that an electronic invoice is a credible document if it is sent by the issuer of an electronic invoice or an intermediary on his behalf to the recipient of an electronic invoice via an electronic invoicing system, which also leads to improved legal certainty in terms of enforcement. “
This article is also available in: Italiano