Belgium - NL
In this fascinating podcast, Benelux CEO Philippe Kimpe and Marie Costers, VP Business Solutions at Isabel Group, discuss the latest developments around e-invoicing and e-reporting. Glenn Vandamme and Sven Cornelis, the organizers of the Finplex club: the networking club for Accountants, lead the conversation and delve deeper into the impact of the new regulations for companies and accountants in Belgium.
The world of e-invoicing and e-reporting is changing rapidly, and the first crucial deadline is approaching. From Jan. 1, 2024, all companies in Belgium must be able to receive digital invoices without prior authorization. But what does this mean and why is it so important?
VIDA - VAT in the Digital Age - is an initiative that focuses on the use of digital invoices and reporting VAT information to the government. From Jan. 1, 2024, every company in Belgium is required to be able to receive digital invoices and may no longer require paper invoices if they were previously offered digitally. This is an important step in the digitization of invoicing processes and the reduction of red tape.
There will be a uniform format for digital invoices so that all companies in Europe speak the same "language. The (Peppol) BIS3 format appears to be becoming the standard, but there is still much uncertainty about the final specifications and standards.
Europe wants to prioritize intra-community invoicing, which means companies need only one VAT number, rather than one per country where they do business. This greatly simplifies and streamlines the VAT declaration process.
But it is not just about receiving digital invoices, because from Jan. 1, 2028, the current bill text states, every invoice must also be digitally handed over and declared to the government within 48 hours. So with this proposal, the government is also taking steps to further expand the e-reporting procedure.
As for joining the Peppol network, while it is important to be able to receive the UBL format as of Jan. 1, 2024, joining Peppol is not yet mandatory. Companies should prepare to receive and process digital invoices in UBL format before worrying about the sending method.
As of Jan. 1, 2024, companies must be able to receive and process UBL invoices. Therefore, it is crucial that businesses prepare by implementing a tool that can read and process these invoices. Make sure your clients have some sort of "acrobat reader" for UBLs and e-invoices to meet the new requirements. Billtobox already allows accountants and business owners to receive, read, forward and pay UBL invoices.
The world of e-invoicing and e-reporting is in flux, and companies need to prepare for these changes to stay compliant and operate efficiently. It is important to invest timely in the right infrastructure and processes to meet the obligations on the horizon.
Listen to the podcast for comprehensive answers to your questions and to gain deeper insight into the theory and philosophy behind e-invoicing and e-reporting. Find out why these developments are so important and what steps you can take to get your business ready for the future.
Future-proof your business and stay abreast of the latest developments in e-invoicing and e-reporting. These changes not only offer opportunities to streamline business processes, but also to contribute to a more sustainable and efficient economy. Seize this opportunity and make sure your company is ready for the digital future!
The smartest way to receive, process and pay inbound invoices, generate and send outbound invoices, get paid and maintain a complete overview.
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