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
