- E-invoicing is becoming mandatory in more and more countries around the world, and businesses in the US and Canada with branches overseas must comply. Both businesses and government entities benefit from transactional transparency.
- Changes are coming in 2023 to many countries in the European Union and Asia, primarily focusing on tax systems, VAT discrepancies, and increasing government control over enterprise transactions.
- Similar trends can be observed in the Philippines.
- To prepare for e-invoicing and e-reporting changes taking place around the world, international North American companies must avoid falling behind.
- E-invoicing began in 1965 with the first electronic invoices sent using electronic data interchange (EDI) by the Holland-America Line using telex.
- The File Transfer Protocol (FTP) was another keystone of the e-invoicing transformation, allowing easy file transfer over the internet.
- Chile was the first to introduce voluntary e-invoicing, serving as a catalyst for other Latin American countries to develop their own e-invoicing systems.
- Portugal became the first country to mandate SAF-T (Standard Audit File for Tax) requirements in 2008, ensuring efficient information exchange between tax authorities and businesses.
- In 2014, Italy became the first European country to enforce mandatory e-invoicing for B2G transactions, spurring a wave of e-invoicing mandates across Europe.
- The European Parliament’s 2014/55/EU directive on electronic invoicing in public procurement played a pivotal role in the history of e-invoicing in Europe.
- A proposal for a broad reform of the Union’s Value Added Tax system called VAT in the Digital Age (ViDA) was published by the European Commission on December 8th, 2022.
Source Comarch
See also
- See also Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
