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Breaking News: Draft Regulations on E-Invoicing Set to Revolutionize VAT System - My Vat Calculator

Breaking News: Draft Regulations on E-Invoicing Set to Revolutionize VAT System

Ministry of Finance Releases Draft E-Invoicing Regulations for Public Consultation: Mandatory Implementation Looms After 12 Months, Invites Feedback by July 10th

The Ministry of Finance has recently released a draft of electronic invoicing (e-invoicing) regulations for consultation. The English version of the draft regulations is available for feedback until July 10, 2023. After one year of the publication of the royal decree in the Official Gazette of the state, electronic invoicing will become mandatory. The receiver of the invoice, or buyer, will be required to inform their supplier about the acceptance, rejection, and payment of the invoice within four days of receipt.

Companies will have the option of using either the public billing portal or private service providers to exchange invoices. Four invoice formats will be authorized: UBL, CII, EDIFACT, and Facturae. When using the public invoicing portal, the Facturae format will be mandatory. However, if invoices are exchanged using private service providers, the use of an electronic signature will be compulsory. During the first twelve months of the regulation’s entry into force, the creation of a human-readable version of the invoice will be mandatory.

In cases where companies use private service providers to exchange invoices, a copy of the invoice must be sent to the public invoicing portal. The invoice number must include the tax identifier of the company. Additionally, point-to-point interoperability is mandatory between all private service providers, and an operator must accept all requests for interoperability. Interoperability between service providers is free of charge.

The public portal will extract the invoicing data and payment data to monitor compliance. Private service providers must meet certain requirements, including ISO/IEC 27001 certification, secured connection protocols, the ability to operate an electronic signature, and the capacity to process the four required formats. These providers must also have a service continuity plan, 99% service availability, 24×7 support services, and ensure data governance and security, interoperability.

These regulations have been put in place to ensure a more efficient and secure invoicing system. The use of e-invoicing will reduce the need for paper invoices, which can be lost or damaged, and will enable companies to track and monitor their invoices more easily. Additionally, the use of electronic signatures will increase the security of invoicing data, reducing the risk of fraud and errors.

It is important for companies to begin preparing for the implementation of these regulations, as they will become mandatory in just over a year. Companies should consider which invoicing format they will use and whether they will use the public billing portal or a private service provider. They should also ensure that they meet the necessary requirements if they choose to use a private service provider.

Overall, the introduction of these e-invoicing regulations is a positive step towards a more efficient and secure invoicing system in Ireland. The use of electronic invoicing will not only benefit companies but will also have a positive impact on the environment by reducing the need for paper invoices.

Barry Caldwell

Barry Caldwell

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