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.

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.