The tax invoice is arguably the most crucial element in any VAT or GST system. Not only does it underpin a business’s ability to reclaim the VAT on its purchases, but it also forms the basis for tax calculation, reporting, posting to the ERP and auditing by tax authorities.
However, for companies operating internationally, the plethora of unique local invoicing requirements relating to contents, storage, language, and currency can make it challenging to ensure compliance. The more knowledge businesses have of these pitfalls, the better placed to avoid them.
With that in mind, below are the top ten tax invoicing pitfalls businesses should be aware of when operating internationally.
Source financedigest
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