Invoices

Until quite recently taxpayers were required to keep invoices for 6 months to 5 years for individuals and up to 10 years for companies for tax purposes. In fact one of the key points in our IRS seminars a few years ago, was a reminder to always ask for a factura and to keep them in a safe place until the end of the year. The question is do taxpayers still need to keep their invoices and the answer, according to the Tax Authority (AT), is NO. In fact they have stated now that “most invoices can be thrown away after checking whether they are correct on E-fatura”.