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As of October 18, 2018, Bulgaria can implement e-invoicing based on European standards according to LASPPA, which is an amendment to the Public Procurement Act (PPA). This act applies at all levels of government, including central, regional, municipal, employee, authority, and organization (B2G).
The NRA is still considering making e-invoicing mandatory. It is consulting with industry stakeholders to draft a proposal. Therefore, bilateral agreements between business owners and government agencies form the system's foundation. An invoice is due five days after a taxable supply, and payment is due five days after the invoice is received.
Components of an electronic invoice
- The issue date.
- The word "invoice".
- The invoice's distinct sequential number.
- Any reverse charge supply should include a notice that a reverse charge is applicable along with the recipient's VAT identification number.
- Full name, address, and VAT number of the supplier.
- Complete the customer's name, address, and VAT number (for supplies other than reverse-charge supplies).
- An explanation of the kind and quantity of items provided or the type and scope of services offered.
- Date of transaction, or, if not the same as the invoice date, payment date.
- The amount due and the applicable rate of VAT.
- Unit cost of products or services, excluding tax, markdowns, and refunds (unless already factored into the unit cost).
The integrity of their financial transactions is confirmed by confirming the legitimacy of electronic invoices via electronic signature; upon receipt, the buyer must validate it and use Electronic Data Interchange (EDI).
We are still waiting for more updates, regulations, and deadlines from the NRA in terms of e-invoicing, so stay tuned.
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