eInvoicing Country Factsheets for each Member State & other countries
Slovakia has taken significant steps towards the implementation of electronic invoicing. The country has enacted Act No. 2015/2019 on Guaranteed Electronic Invoicing and the Central Economic System, which mandates the use of eInvoicing for invoices above EUR 5,000 in public administrations and their suppliers. However, the use of eInvoicing in the private sector remains voluntary.
In addition to the existing legislation, Slovakia is considering a new draft law that proposes mandatory real-time invoice reporting for all transactions, including business-to-business (B2B) transactions. This initiative aims to further streamline invoicing processes and enhance transparency in financial transactions. The Ministry of Finance is currently developing a centralised eInvoicing solution, with plans to initiate a public procurement process in July 2022.
The implementation of eInvoicing in Slovakia will be carried out in three stages. The first stage focuses on the establishment of the necessary legal framework and technical infrastructure. The second stage aims to ensure full transposition of the Directive 2014/55/EU, which sets the European standard for eInvoicing. Finally, the third stage will involve the actual implementation of the centralised eInvoicing platform.
One notable aspect of the eInvoicing system in Slovakia is that it does not require the use of electronic signatures. This simplifies the process for businesses and reduces administrative burdens. However, it is essential to note that the archiving period for eInvoices in Slovakia is set at 10 years. This ensures compliance with legal requirements and facilitates the retrieval of invoices when necessary.
Slovakia’s centralised eInvoicing platform will enable the implementation of the European Standard on eInvoicing (EN). This standard ensures interoperability and compatibility with other eInvoicing systems across the European Union. By adopting this standard, Slovakia aims to facilitate cross-border trade and promote seamless invoicing processes between businesses in different countries.
The introduction of eInvoicing in Slovakia is expected to bring numerous benefits to both public administrations and businesses. The automation of invoicing processes will significantly reduce the likelihood of errors and enhance efficiency. Moreover, eInvoicing enables faster payment processing, leading to improved cash flow for businesses. It also contributes to the reduction of paper usage and promotes environmental sustainability.
The implementation of eInvoicing in Slovakia aligns with the broader European Union’s efforts to promote digitalization and streamline administrative processes. The European Commission has been actively encouraging member states to adopt eInvoicing as part of the Digital Single Market strategy. By embracing eInvoicing, Slovakia demonstrates its commitment to modernizing its public administration and fostering a business-friendly environment.
In conclusion, Slovakia has made significant progress in the implementation of eInvoicing. The country has enacted legislation mandating its use in public administrations and suppliers for invoices above EUR 5,000. Furthermore, Slovakia is considering a new draft law that proposes mandatory real-time invoice reporting for all transactions. The Ministry of Finance is developing a centralised eInvoicing solution to facilitate the implementation of the European Standard on eInvoicing. This initiative aims to enhance efficiency, transparency, and cross-border trade. With the adoption of eInvoicing, Slovakia is embracing digitalization and contributing to the broader European Union’s goals of creating a Digital Single Market.