Like reported the Ministry of Finance yesterday The parliament has passed a bill (Law of October 29, 2021 amending the Law on Value Added Tax and some other laws) implementing the National e-Invoicing System (KSeF) in Poland, and the law will now go to the President for signature.
We remind you that:
- In the first phase of e-invoicing implementation, Polish entrepreneurs will use it voluntarily.
- In 2023, the use of e-invoicing will become mandatory.
The Ministry is already encouraging entrepreneurs to use e-invoices by tempting them with VAT refunds one-third faster (40 days instead of 60), as well as with technical aspects (the e-invoice will remain in the MF database and will never be destroyed or lost, and there will be no need to issue duplicates). In the communiqué, the Ministry boasts that Poland will be the fourth EU country to implement it (after Italy, Spain and Portugal). In addition, the MF reminds that e-invoicing is the most technologically advanced way to combat VAT extortion.
For the factoring industry, an invoice is, colloquially speaking, "meat" - the material on which we work every day, regardless, of course, of the fact that some entities focus heavily on balances. However, an invoice is a document that confirms the existence of a receivable and its parameters that are important from the point of view of the factor. Thus, a change of this magnitude will be groundbreaking for the industry, although technical aspects will be crucial here. In principle, the change seems to be a good direction for the industry, especially in the context of fighting any fraud based on VAT invoice documents, including their multiplication, or issuing documents for different entities or with altered data. You can read more about fraud of this type here. Nonetheless, it remains crucial to enable the factoring (assignment) clause on the template as well as the ability of the debt financing industry to verify invoices. The upcoming pilot year will therefore be a period of intensive work for the factoring industry in terms of efforts to ensure the security of factoring trading.
You can follow the course of the legislative process here.
