2020 will bring significant updates regarding the regulations for legal compliant digital document archiving. Let’s explore them together!
Legal Compliant Archiving: The Updates for 2020
Legal compliant archiving is part of the processes required by businesses and Public Administrations to undertake digital transformation, as well as to enhance competitiveness and efficiency.
Which documents require legal compliant archiving? According to current regulations, for these documents to be legally valid, legal compliant archiving is required for items such as invoices (both outgoing and incoming), accounting books and records, transport documents, expense reports, customs bills, electronic receipts, and tax returns such as income tax returns and VAT declarations.
What are the updates for 2020? The latest fiscal decree and the new 2020 budget law introduce several updates, starting with the legal compliant archiving of electronic invoices, which must be archived for a minimum of 10 years. The Revenue Agency will retain the documents submitted until December 31st of the eighth year from the reference declaration.
As mentioned in one of our previous articles, a very interesting update regarding digital receipts is coming: starting in 2020, every merchant or VAT-registered individual will be required to replace paper receipts with exclusively digital receipts. To do this, merchants must update their cash registers to a new model that will issue and send the receipts, which must be archived in a digital format in order to comply with the law, directly to the Revenue Agency. Furthermore, to intensify the fight against tax evasion, merchants will be required to use a new POS system capable of issuing and transmitting digital receipts.
The updates for self-employed workers don’t stop here: for them, and for businesses primarily engaged in self-employed work, the Revenue Agency has introduced Synthetic Indices of Reliability (ISA) since last year. These indices represent a self-assessment that workers must independently formulate and attach to their income tax returns, to assess their level of fiscal compliance.
Finally, starting next year, the Order Routing Node (NSO) will be introduced. This digital system will manage the purchase orders for goods and services, and from February, it will be mandatory for all companies providing services to the National Health Service and their suppliers. This represents a landmark change in the digitalization of Public Administration.
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