Serbia has declared their intention to take steps towards the digitalisation of business operations and abolishment of paper invoices. The process of issuing invoices in electronic form will offer state authorities better insight into the business operations of business entities.
Discussions are currently in place over a new accountancy law that will clarify the concept of e-invoices. The law will likely be adopted by the National Assembly of Serbia by the end of this year. If approved, e-invoicing will become mandatory in public procurement, giving firms a year and a half to adapt and change their business policies by mid-2021.
Current status of e-invoicing in Serbia
Exchanging invoices electronically between businesses is currently allowed under the existing legal framework. However, the current legislation does not specifically address e-invoicing or provide full clarity on the subject. Serbian authorities such as the Ministry of Trade Tourism and Telecommunications (MTTT), the Tax Administration, and e-Government have been in close cooperation with business stakeholders to improve the respective legal framework toward establishing a favorable business environment for the adoption of e-invoicing.
Paper invoices to become obsolete
Aleksandar Vasic, Chairman of the board of the Group for Accountancy Affairs at the Chamber of Commerce of Serbia explained that the implementation of e-invoices will make the preparation and sending of invoices simpler for businesses and “will make paper invoices obsolete and lead to a considerable reduction of costs when it comes to administration and archiving”.
Never too early to prepare
Nothing is set in stone and much remains to be clarified surrounding countrywide e-invoicing laws in Serbia, but it is never too early for businesses of all sizes to prepare for such a change. Digitalisation of business operations is becoming a reality throughout the world and firms large and small should take this into account as they plan for the future of their business.
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