- Jurisdictions are adapting tax and regulatory frameworks for compliance and efficiency.
- E-invoicing and digital reporting obligations are expanding to nonresidents with VAT obligations.
- Retailers and resellers can access global markets without a physical presence, impacting VAT compliance.
- VAT systems use invoices to evidence VAT charged and allow VAT recovery, creating self-enforcement.
- E-invoicing mandates require electronic issuance, receipt, and storage of invoices based on authority specifications.
- Digital reporting mandates require periodic submission of invoice data to tax authorities.
- The scope of mandates varies by jurisdiction, often starting with limited scope and expanding over time.
- Mandates can include domestic business-to-business transactions and expand to business-to-consumer and other transactions.
- E-invoicing and digital reporting have expanded to cover cross-border transactions.
- Some countries require e-invoices for export transactions to provide a complete picture of taxpayer transactions.
- The Philippines requires e-invoices for goods shipped into the country before arrival.
Source: thetaxadviser.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.
