Electronic Invoicing: What It Is and the 2019 Balance Sheet

Since 1 January last year, VAT holders have been required to issue a electronic invoice. This was a very important innovation, which should not be underestimated, given that all the invoices issued were exchanged via the interchange system of the Revenue Agency, developed specifically to obtain a specific service. The innovation was initially received with a series of uncertainties and with several doubts regarding the way of operating. Then the new rule was introduced into the regular economic flow by those companies that exceed a certain turnover during the year.

What is the electronic invoice?

To better manage all operations, several companies have equipped themselves with a electronic invoicing software. In fact, it should not be forgotten that the electronic invoice is a IT document, which has a structured format and is transmitted electronically.

The obligation of electronic invoicing was introduced in the 2018 budget law. The aim was to take specific measures to combat tax evasion. In fact, the Revenue Agency through the digital system Once developed, it will be able to carry out real-time checks on all data relating to purchase or sales operations carried out by those who have a VAT number.

The only subjects who are exempt from the obligation of electronic invoicing are those who have an open VAT number in the minimum regime and the flat rate scheme. Small agricultural producers are also added to these subjects.

But what exactly are we talking about when we talk about the Revenue Agency's exchange system? We are referring to a system that, electronically, first of all allows the invoice to be delivered to the recipient.

At the same time, this system performs a preventive check on the data indicated in the invoice, specifying the recipient's electronic address, which may correspond to the unique code issued or to the PEC address.

Therefore, the telematic system is also very important for checking electronic invoices, verifying that the transmitted file contains all the necessary data. In addition to this function, another one is always added to check the VAT number of the other party, verifying that it actually exists.

The latest data on electronic invoicing

Apparently, after the initial doubts related to the obligation established by the legislation, electronic invoicing has been generally accepted in rather appreciable ways. This is highlighted by the latest data made available by the Ministry of Economy and Finance.

In fact, as can be understood from the data made available through the exchange system of the Revenue Agency, the quantity of electronic invoices issued has exceeded the two billion threshold.

The average was 5,5 million files sent during each day. According to the Ministry of Economy, it can be said that electronic invoicing has found consensus among private individuals, confirming itself as a strategic element to ensure the development of the country.

The obligation of the electronic receipt

But electronic invoicing was not the only innovation that was introduced in the economic regulations for 2019. In fact, during the year that has just passed, precisely starting from July 1st, the issuing of the electronic receipt.

In its initial phase, the latter became mandatory for entities whose turnover exceeds 400.000 euros. From 1 January 2020, however, all traders are required to have an electronic receipt.

In any case, it has been established that there will be a moratorium on sanctions for six months, therefore until July 1st of this year, in order to give those who have not already done so the opportunity to obtain a telematic recorder or to adapt the cash register they already use to the new obligations of issuing electronic receipts.