Online accounting and electronic invoices are on the way and will lay the groundwork for speedy tax rebates to law-abiding enterprises and professionals, while facilitating the work of monitoring authorities in containing the illegal economy and tax evasion.
The tax bill to be tabled in Parliament in the coming days will include clauses to that effect, to be followed by authorizing decisions that will allow for the new regulations to come into force as of 2020.
The exchange of online documents between enterprises – mainly electronic invoices and consignment notes – is particularly important, as the monitoring authorities will be immediately aware of transactions.
At end-2019 the Independent Authority for Public Revenue will start piloting the new online accounting system, with the aim of completing the switch to electronic books in 2020. Traditional revenue and expenditure books, in which transactions are handwritten by freelance and self-employed professionals, will soon be a thing of the past.