- South Africa’s National Treasury and SARS published a draft bill proposing amendments to the Value-Added Tax Act
- The draft introduces definitions for electronic invoicing, electronic reporting, and an interoperability framework
- E-Invoice is defined as a tax invoice in a structured electronic format for automatic processing
- E-Reporting involves electronically submitting tax data from e-invoices, e-debit notes, and e-credit notes
- Interoperability Framework involves a network for decentralized exchange of electronic documents
- The draft sets the stage for future e-invoicing and e-reporting obligations
- Businesses may expect future regulations detailing e-invoicing frameworks and technical requirements
- New compliance obligations for electronic document exchange and reporting are anticipated
- Implementation timelines and requirements to connect to approved service providers may be announced
Source: sovos.com
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- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
- Join the LinkedIn Group on ”VAT in the Digital Age” (VIDA), click HERE
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