What are Continuous Transaction Controls?

Continuous Transaction Controls (CTCs) Explained

CTC (Continuous Transaction Control) is the term used to describe mandatory “real time” invoice reporting and validation by the tax authorities through e-invoicing or transaction listings.

CTCs allow tax authorities to collect data on business transactions directly from the businesses management systems in real-time or near real-time.

We have seen CTC being introduced in several EU countries to date in various forms:

• Italy SdI – mandatory B2B e-invoicing through the government portal in a pre-clearance process.
• Spain SII – “real time” reporting of transactional data, via an automated XML feed, within 4 days of the date of the sales invoices and 4 days from the date the purchase is “booked” to the company’s accounts.
• Hungary RTIR – immediate reporting of sales invoice data.

Source Taxbackinternational

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