As a long-standing SAP partner, we at GOpus closely follow developments in the world of business software. One of the most important changes that our SAP customers will face is undoubtedly the introduction of mandatory electronic invoicing in the B2B sector, which should be decided as part of the Growth Opportunities Act.
Now the adoption of the Growth Opportunities Act has taken a turn, because after being passed in the Bundestag, the Bundesrat referred it to the Mediation Committee on November 24 due to criticism. In addition to the effects for companies, we also highlight an important change in the B2B sector - the mandatory electronic invoice.
Background to the Growth Opportunities Act
The aim of the “Law to Strengthen Growth Opportunities, Investments and Innovations as well as Tax Simplification and Tax Fairness” is to improve the liquidity of companies and to promote long-term investments and entrepreneurial innovations.
Focus on changes and revisions to legislation
With 33 changes between the draft bill and the Bundestag version, the law aims to simplify the tax system. This includes raising thresholds and flat-rate amounts, particularly for the benefit of small businesses, in order to reduce bureaucracy.
The Bundesrat referred the law to the Mediation Committee last Friday, November 24, 2023, because the Bundestag resolution only selectively included the Bundesrat's proposed amendments and short-term additions made revision necessary.
Electronic invoicing in the B2B sector: What is changing?
The EU Commission is pushing ahead with the ViDA initiative, which, among other things, is intended to replace the previous recapitulative statements. From January 1, 2025, companies will have to adapt to new definitions of terms, and an electronic invoice must comply with European standards.
The obligation discussed only applies to B2B sales and is to apply from January 1, 2025. Transitional arrangements are available to companies for the changeover until the end of 2026 or for small companies until the end of 2027.
Conclusion: Challenges and opportunities for companies
The future of electronic invoicing cannot be stopped. Companies should prepare for it early. GOpus recommends actively dealing with the technical and organizational adjustments in order to be able to make the most of the advantages of electronic invoicing.
The introduction of e-invoicing presents companies with challenges, but also offers opportunities for process optimization. GOpus sees this as an opportunity to take the path into the digital future together with its customers and looks forward to a successful transition in the coming years.
Webinar note: E-invoicing law on the home stretch
As your trusted SAP partner, we cordially invite you to our exclusive webinar "E-Invoicing Act on the home stretch - easy national and international invoicing with SAP". Find out how you can effortlessly integrate the latest legal changes into your business processes. Register now and shape your digital future together with GOpus.
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