Demystifying Indirect Tax Controls: E-invoicing and Digital Reporting Terminology Explained

• Indirect tax controls are being transformed by technology
• Tax authorities require electronic submission and storage of transactional data
• Terminology in this area can be complex and confusing
• Fonoa offers definitions of key terms in indirect tax compliance
• Indirect tax controls include VAT, GST, SUT, etc.
• Digital Reporting Requirements (DRR) involve digitally submitting transaction data to tax authorities
• Continuous Transaction Controls (CTC) require real-time data submission
• Periodic Transaction Controls (PTC) involve submitting data periodically
• Post-Audit Requirements (PA) involve tax authorities auditing compliance after invoices are issued
• Other digital requirements include ensuring integrity and authenticity of electronic documents
• Methods for ensuring integrity and authenticity include digital signatures and seals.

Source: fonoa.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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