A GST (Goods and services tax) invoice is an invoice or document for the products or services that a vendor or service provider offers to a customer. Lists the services and/or products with the total amount to be paid. From January 2021, taxpayers with a total turnover of more than Rs 100 Cr (approximately US […]
The Saudi Arabian General Authority of Zakat and Tax (GAZT) regulated the use of e-invoices in the Electronic Invoicing Regulation. In the context of regulations in the ‘E-invoicing Regulation’ published by GAZT, as of December 4, 2021, the use of e-invoices will be mandatory in the whole country. Who should use electronic invoice in Saudi
China’s fapiao invoice system is a legal receipt that serves as evidence for purchase of goods and services. However, the largest fapiao invoice system is an essential component of Chinese tax law. It is also an important compliance component for businesses. The Tax Authority of China requires the use of fapiao so that companies can
In 2018, Singapore government decided to develop e-invoice system using European standards and PEPPOL network to increase international trade. In this context, the Information Communication Media Development Authority (IMDA), PEPPOL Authority of country, is responsible for assignment of access points (AP). Moreover, it is authorized to define the technical specifications for e-invoice system. IMDA is
Ministry of Finance (MoF) works within the framework of Regulation No. 522 to reduce the informal economy and prevent corruption. To this end, transition to e-invoices has been made on a voluntary basis since July 1, 2019, and mandatory since January 1, 2020 for all economic organizations in the country. Therefore MoF, “UzASBO Faktura” https://invoice.uzasbo.uz
Vietnam started the e-invoicing process in 2018, with the approval of Decree No. 119. According to the new decree, compliance period for companies has been extended to two years. However, ongoing Covid-19 process and other difficult challenges have made the Vietnamese government mandatory to postpone the compulsory use of e-invoices until July 2022 in accordance
E-Invoicing Process Runs in Thailand The Thai government is working to develop a powerful e-invoicing system using certified service providers. This is a viable alternative for businesses. Because e-tax invoicing involves complex technical and legal steps for businesses. The government has taken steps to eliminate this complexity and regulate the invoicing system. Accordingly, the Electronic
E-Invoice in Paraguay The Paraguayan government has approved the start of a trial program to test the functionality of the new financial document issuing system called E-KUATIA. The Paraguay Tax Authority (SET) will select taxpayers to participate in the probationary program. E-KUATIA is a system offered to taxpayers to facilitate the issuance and delivery of
Albania has begun to review its tax system with its mandatory e-invoicing system. As of July 1, any company performing B2B transactions will need to submit their invoices electronically to the General Directorate of Taxes. As of September, companies that perform B2C transactions will also have to comply with e-invoice application. Albania has established a
Brazil was one of the pioneers in terms of e-invoicing in Latin America – around the world – as the country introduced a total clearance model for e-invoicing back in 2005. Although the Brazilian e-invoices clearing systems are relatively mature and stable, both the tax regulations and the clearing process for e-bills are still considered
