Poland central VAT invoice register
Poland’s new Law & Justice government is planning to introduce a centralized electronic invoice system for all taxable entities. The initiative is aimed at increasing tax revenues by eliminating the opportunities to sell goods or services without declaring the VAT element.
The newly elected government has plans to raise public spending whilst shadowing the Euro currency requirement of keeping the state deficit within 3% of GDP. Aside from the introduction of a centralized VAT invoice system, the government will introduce new taxes on banks.
E-ledgers and VAT reporting
Many EU states are introducing variations of this system. Many countries, such as Portugal, are demanding full electronic feeds of companies’ taxable transactions. Central invoice databases are used in Brazil and China.