In a world of accelerated digitization, traditional invoicing processes are undergoing significant transformation. A concrete example of this is the e-factura, a modern solution for issuing, transmitting and storing invoices in electronic format. In Romania, the e-factura has become a key tool in the efforts to digitize the tax system, and from January 1, 2024, it becomes mandatory for all transactions between companies. This decision was made possible by Council Implementing Decision (EU) 2023/1553 of 25 July 2023, published in the Official Journal of the European Union no. L 188. This decision authorized Romania to introduce special measures derogating from certain articles of Directive 2006/112/EC on the common system of value added tax. Thus, from January 1, 2024, the e-factura becomes mandatory for transactions between taxable persons established on the territory of Romania, with applicability until December 31, 2026.
What we need to understand is that the e-factura is the new national invoicing standard relaunched by ANAF, an increasingly important digital concept and solution in Romania, which brings significant benefits to both businesses and tax authorities. At the moment it is mandatory for companies that sell to the state, those that sell products with fiscal risk or use holiday vouchers.
This technology was introduced to facilitate the invoicing process and contribute to the digitization of the country's tax system. The e-factura is a modern method of issuing, transmitting and storing invoices in electronic format, largely eliminating traditional printed documents.
The e-factura has a number of significant advantages, including:
An essential aspect is that the e-factura provides accurate and verifiable records of transactions, facilitating the process of verification and auditing. It also reduces the risk of using fake or duplicate invoices, as each transaction is uniquely recorded. The implementation of e-factura also eliminates a number of tax declarations and formalities, reducing the tax burden on taxpayers.
In the following period, the categories of economic operators that will have the obligation to issue electronic invoices in business-to-business (B2B) relations and the date from which this obligation will come into force will be established. The e-factura brings many benefits for the public administration and the private environment:
Cost reduction: By using e-factura, businesses can save significant money on printing, shipping and storing paper invoices. It also reduces the costs associated with human errors in the billing process.
Process efficiency: Electronic invoices can be issued and transmitted easily, reducing the time it takes to send invoices to customers and speeding up the process of collecting payments.
Reducing the risk of errors: E-factura eliminates human errors associated with manual data processing and ensures increased accuracy in the invoicing process.
Tax compliance: E-factura is designed to ensure compliance with tax requirements and local regulations, thus helping to avoid fines and penalties for non-compliance with these requirements.
Environmental impact: Reducing paper consumption and carbon emissions associated with the transport of paper documents makes e-factura an environmentally friendly option.
These changes will eliminate the vulnerabilities of the old paper invoicing systems and create a favorable environment for business development. E-factura represents the future of invoicing and plays a significant role in the modernization of financial processes in Romania. With proper preparation, this transition to e-factura will bring significant benefits to all businesses in the country.