Ireland Prepares for Electronic Invoicing and VAT Reporting
Ireland is set to revamp its approach to invoicing and VAT reporting as part of a national effort to modernize its VAT declaration system and enhance efficiency. The government has initiated a public consultation to explore how digital advancements can streamline these processes. After reviewing the proposals and feedback gathered, a comprehensive report will be published and used to guide the government's next steps.
The proposed changes include the introduction of mandatory electronic invoicing and reporting for intra-community transactions, as well as the standardization of digital reporting requirements. Ireland is also evaluating the implementation of Continuous Transaction Controls (CTC) models.
Currently, electronic invoicing is not mandatory in Ireland. Issuing invoices or other documents electronically is subject to an agreement between the parties involved. Furthermore, any electronic invoicing system employed by an Irish VAT-registered business must meet the following criteria:
- Generate, store, and archive electronic records and messages in the required format and with the necessary data to comply with Irish VAT regulations, ensuring they are readily accessible to Irish Revenue upon request.
- Reproduce any required record or message in either paper or electronic format as needed.
- Maintain electronic records in an organized manner that enables retrieval using key references such as the issuer or recipient’s name, the message date, or the message’s unique identification number.
- Guarantee the integrity of the content, verify the authenticity of the document's source, and establish a reliable audit trail for the transaction and its supporting documents.
