In what is now a growing trend, e-invoicing and fiscal reporting mandates are expanding worldwide in an effort by governments to minimize corporate tax evasion. Brazil launched the movement in 2008, marking the first time that a government intervened in corporate financial processes in real-time. As Brazil increased its tax revenue by billions of dollars once this requirement went into effect, countries around the world began to take notice – and follow suit.
Mexico was the first country to enact such invoicing and fiscal reporting requirements, followed by Argentina, Guatemala, Portugal and Chile. Meanwhile, the European Union took notice of the successful war on tax fraud in Brazil, launching its own automated requirements for government transactions. In 2016, not even 20 years later, 69 countries around the world report using electronic data extraction from tax statements to identify fraudulent activities and conduct audits.
Click here to download our latest infographic to get a clear picture of the current state of e-invoicing: Velocity of Global E-Invoicing Initiatives Accelerates.
While tax authorities are increasingly turning to automated, electronic detection of indirect tax errors, hidden within these requirements are opportunities to streamline processes and reduce costs. Contact us to learn how.
The post [Infographic]: E-Invoicing Initiatives Expand Worldwide appeared first on Sovos Compliance.
About the Author
Steve Sprague's electronic invoicing and middleware integration expertise stems from nearly twenty years of experience in the industry. As General Manager of Invoiceware by Sovos, Mr. Sprague manages global messaging, product strategy and field enablement which has led to the firm’s double-digit revenue/sales growth in the last three years.More Content by Steve Sprague