The world has witnessed how several Latin American countries have successfully adopted e-invoices to replace paper versions and close VAT gaps – the difference between the revenue governments are entitled to receive and what they de facto manage to collect.
The positive effects of mandatory e-invoicing regimes, such as achieving simplification of the invoicing process, reducing costs for businesses, and creating an effective anti-counterfeiting measure for VAT control, have become clear to governments across the world. Having originated in Latin America, the next region set to embrace the trend is Asia. Several jurisdictions in the region have announced their intent to introduce a new invoicing system as soon as possible. Here’s a highlight of what’s on the horizon.