Tax directives for Europe

EU Directive provides regulations to be followed by all Member States regarding invoice rules and information that must be included when creating invoices. EU Directive lists the information that is required by suppliers for their customers in the EU. For example, an invoice could include a reference that describes the legal grounds for a VAT zero-rating or an exemption. If an invoice adjusts an earlier issued invoice, such as a credit note, an unambiguous reference should be made to the original invoice.

• To print a description of sales tax codes on a sales invoice, free text invoice, or project invoice report, set up the Tax Directive reference text on the sales tax codes.
• For credit notes, the number and date of the original invoice are printed along with the reason for correction.

Note

Verify that the Sales tax specification field is set to Registration currency or Registration and company currency on the Form setup page on the General tab (Accounts receivable > Setup > Forms > Form setup or Project management and accounting > Setup > Forms > Form setup).