What is the electronic receipt? When will it be mandatory? What companies is involved? What is the lottery of the receipts?
In this article I will clarify all your doubts about the next tax changes.
In this article I will clarify all your doubts about the next developments in the tax field.
The electronic receipt is a document that is sent by e-mail. It has all the information about your order, including what you bought and when it was delivered to help keep track of who did their job well enough not only to be happy but also to be rewarded with an extra gift!
Receipts are documents that can take many forms. They are also known as proof of delivery data (POS) or electronic transaction reports, and are sent by email in most cases when you buy something online from a company’s website, for example
The receipt will provide proof to both the customer/payer who has achieved his goal with ease thanks to this purchase; but it also provides information about where all these profits go because there could be problems within the business operations if some cashier was not given the assigned shares about how much inventory should have been sold at certain points during the previously established timeframes through management meetings between owners.
Electronic receipt is a great way to keep track of who you are
The electronic receipt is a document that can be sent by e-mail to inform you of your payment.
The company will send this item after the transaction has been completed successfully and all other necessary information was accurate, including any taxes or fees levied on top of processing services such as paying cash at checkout.
What is the electronic receipt?
It is a receipt that only presents the digital format, which will be sent instantly to the Inland Revenue by electronic means.
Therefore, the customer will no longer have to keep the paper receipt, as the shopkeeper will pass his tax code in a special cash register.
The data transmitted, or the daily fees and purchases, are visible by the tax payers in their tax drawer, located on the institution’s website.
This is a receipt you can use to present your taxes. It is designed to have no physicality and will be presented instantly without ever leaving the digital space!
Therefore, the customer will no longer have to keep the paper receipt, since the shopkeeper will pass his tax code in a special register of cash.
The data transmitted, that is the daily fees and purchases, are visible by taxpayers in their tax drawer, located on the site of the institution.
Since when will the electronic tax receipt come into force?
The new tax decree linked to the 2019 Budget Law provides for the compulsory e-receipt starting from 1 July 2019.
But the measure has not yet been approved by the Council of Ministers, so there is still nothing definitive.
This new law comes after months of criticism over our outdated bureaucracy that often leads taxpayers to unnecessary delays or even worse: Lost earning opportunities because they cannot submit modules in time due to computer crashes or power outages in the taxpayer’s offices.
Who’s concerned?
The measure will affect all companies with a turnover exceeding € 400 thousand.
Subsequently, from 1 January 2020 it will apply to all other companies that carry out any activity of selling goods and services.
If the latter decide to get a digital receipt ahead of time, they can enjoy a 50% discount on new cash registers, in the form of a tax credit.
What are the other anti-evasion measures provided for?
Recently, the government announced several anti-evasion measures that are laid down in the decree. These include the transition from paper to electronic receipts and the provision of further ways to verify the taxpayers’ report on their income tax payments, including the demand that interest rates paid by individuals who receive more than one million yen (980 dollars) per year as salary or profits respectively are not less than 3% above the base rate if this exceeds 10%.
The shift from traditional methods like physical invoice delivery during business meetings was another initiative designed with the goal of catching scammers who try to avoid paying taxes by hiding money abroad where there is no no need (and often is minimal).
The government will now require all taxpayers to submit their annual declarations, rather than just signing them. This way they can make sure that there are no mistakes or omissions that would lead to a measure of tax evasion!
The transition from paper to electronic receipt is only one of the government’s anti-evasion measures. In fact, the decree also provides for the following additional measures:
- the possibility for artisans, restaurants and merchants to send to the Inland Revenue the list of all the daily fees by electronic means, thanks to special recorders
- the obligatory nature of electronic invoices also towards private individuals
- the so-called “lottery of the receipts”, or the assignment of a code to each e-receipt that allows you to win prizes every month from 1 January 2020
Read also: Tax receipt and electronic receipt