Amendments to VAT invoicing 2013

New EU tax rules entered into force as from 1 January 2013. These include the VAT electronic invoicing and the cash accounting option for small businesses.

Council Directive 2010/45/EC of 13 July 2010 amended Directive 2006/112/EC on the common system of value added tax as regards the rules on invoicing. The new rules relate to the issuance, contents and storage of invoices. The purpose of these regulations is to simplify the VAT invoicing rules and reduce the administrative burdens of companies across the European Union. The EU Commission proclaimed that further initiative will be undertaken to create a legal framework for the cross-border recognition and interoperability of secure e-Authentication systems.

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