BOOMERTEL is the leading company in electronic invoicing in Cyprus. Due to the initiatives launched by us, Cyprus acquired the relevant digital infrastructure and achieved in a timely manner the connection of Public services and the bodies of the wider public sector (Local Government, Public Academic Institutions, EAC, CΥTA, Semi-Governmental Organizations) to PEPPOL’s network following Directive 55/2014 of the European Commission. Today the local regulatory framework is fully harmonized with European directive 55/2014:
- Decision of the Council of Ministers (15/02/2017) implementation PEPPOL’s network by the Cypriot state for the exchange of electronic invoices
- Adoption of the European electronic invoice standard for electronic transactions in Cyprus
- Law 89 (I) / 2019 on electronic invoicing
What is Electronic Invoicing?
Electronic invoicing (e-invoicing) refers to the process of issuing, transmitting and receiving invoices in a structured electronic format that allows for automatic and electronic processing. By automating these processes, e-invoicing can significantly reduce the cost and complexity of pricing for both senders and recipients. An Electronic Invoice is a structured invoice issued in the form of Electronic Data Interchange (EDI), XML or other. An Electronic Invoice is a structured invoice issued using standardized web applications.
This has been adopted in Cyprus and in all the European Union Member States, and it is mandatory for the central governments and for the bodies of the wider public sector as of 18/04/2019: “Contracting authorities, contracting entities and all parties involved in these contracts will be processing electronic XML format invoices edited in compliance with the European electronic invoice standard and its catalogue of drafting structures (PEPPOL).”
What is PEPPOL?
PEPPOL is an EDI protocol that enables public entities and their suppliers to exchange electronic procurement documents over its network. PEPPOL, which stands for Pan-European Public Procurement On-Line, is an EDI (electronic data interchange) protocol, co-funded by the European Commission and 18 government agencies, to simplify the purchase-to-pay process between government bodies and suppliers. In simple terms, PEPPOL offers a standardized messaging connection for e-ordering, e-invoicing, electronic credit notes and advanced shipping notifications (ASNs). These technologies automate information exchange across the supply chain, reducing the cost and potential risk of error from manual intervention. BOOMERTEL Electronic Invoicing Platform is certified by PEPPOL.
In Cyprus, we are very close to implementing the mandatory e-invoicing protocols for all Public Procurement contracts.
The Government of the Republic of Cyprus has recently decided, like in other Member States, to launch the Public Consultation on the bill which will make Electronic Invoicing mandatory for Public Procurement transactions as from 1/1/2022.
It is expected that, by the end of March, the bill will be approved by the Council of Ministers and then be forwarded to amend law 89 (I) / 2019 on electronic invoicing.
It’s the end of the road for emails with PDF attachments, paper wastage and all the negative impacts on the environment caused.
If we focus on the 90% of the iceberg, which is hidden below the surface, a treasure trove of benefits and advantages are found.
But, will the remaining months be enough for private companies to adapt/upgrade their systems and processes in order to be able to meet the legal requirement for electronic invoicing for their Public Sector clients as from 1/1/2022?
BOOMERTEL, whose E-Invoicing Platform certified by the PEPPOL Authority is already implemented by all Public Bodies, and the Wider Public Sector as well as private companies for B2G & B2B transactions will offer to your Enterprise the applications and services which will serve you best:
- Our On-line E-Invoicing Portal for SME’s and independent consultants
- Connectivity for a variety of Accounting Software
- Connectivity for your ERP systems