Real-Time Trend for Tax Controls on Invoices Will Disrupt Global Supply Chains and Increase Compliance Risk, Says TrustWeaver Study
TrustWeaver, a leading provider of Cloud-based trust and compliance services for invoices and other legally critical electronic documents, today published the 2016 edition of its acclaimed white paper on international trends in tax-compliant e-invoicing.
The white paper describes how governments have in the past years increasingly adopted regulation that forces enterprises to share invoices electronically with them in real-time. Such ‘clearance’ methods are particularly popular in emerging economies, but their vast contribution to closing the so-called ‘value-added-tax gap’ (or ‘VAT gap’ – a percentage that expresses which portion of VAT that should be collected ends up not being collected in a country) is motivating a growing number of developed countries in Europe and other regions to adopt similar approaches.
Enterprises that cannot adjust their supply chain automation systems to meet regulatory deadlines for compulsory invoice ‘clearance’ in a timely manner will face high penalties. Failing to send real-time transaction data to the tax administration is increasingly equated with tax evasion and can in extreme cases lead to a local subsidiary being closed down or its executives incarcerated.
The white paper summarizes the regulatory status around e-invoicing in more than 80 countries and provides practical tips that CFOs and compliance officers can use to create a global strategy to address these tax compliance challenges.
The TrustWeaver white paper is available upon request from http://www.trustweaver.com/knowledge
TrustWeaver (www.trustweaver.com) provides a comprehensive Cloud-based compliance service for electronic invoicing and other legally critical documents for more than 50 countries. From a single technical interface and through our unique Compliance MapTM concept, more than 60 world-leading B2B integration brokerage vendors in our partner network automatically provide interoperable legal certainty to trading partners that use their solutions, regardless of changes in legislation. In business since 2001, TrustWeaver is headquartered in Stockholm, Sweden.
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