- South Africa introduces e-invoicing and e-reporting to modernize the VAT system.
- A draft amends the VAT Law with new definitions and an interoperability framework.
- E-invoicing and e-reporting involve structured electronic formats and data submission.
- The interoperability framework allows decentralized exchange of electronic documents.
- Businesses should prepare for future regulations and assess current systems.
Source: fiscal-requirements.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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