e-Invoice is a digital invoice exchange between the financial systems of sellers and buyers. Thanks to eInvoice, businesses in New Zealand are expected to save billions of dollars in transaction costs each year. Small businesses get better cash flow with the use of eInvoice. The New Zealand government is encouraging all institutions to adopt eInvoicing. […]
According to the law dated 20.12.2017 amending the Public Procurement Law of 2012 to include EU Directive 2014/55, B2G eInvoicing has become mandatory for all public authorities in the Netherlands since 18 April 2019. The Dutch government added a part of the EU Directive 2010/45 to its legislation under the name of the implementation of
Since 1997, the SRI (Revenue Administration) has been responsible for everything related to Ecuador’s tax policy. What is the SRI? SRI is an autonomous financial institution established in 1997 based on Ecuador’s former General Directorate of Revenues, which was responsible for tax policy until that year. The primary function of SRI is to create a
Italy started e-invoicing in public administration (FatturaPA) in line with the EU Directive in 2014. As of January 1, 2019, it has expanded to B2B and B2C format e-invoices, which will be mandatory in all companies in Italy. With the e-invoice platform, Sistema di Interscambio (Exchange system-SDI) managed by the Italian Revenue Administration, It is
Since January 15, 2015, when Law No. 25/2013 dated December 27, 2013, entered into force, invoice (B2G) has been mandatory in Spain for the public sector. Invoices to be sent to Public Administrations must comply with the configured form of Facturae [eFatura] 3.2.X with electronic signature XAdES. According to the Law No. 25/2013, public administrations
Moving to the next level in the e-invoice system on February 15, 2021, the Egyptian Ministry of Finance and the Egyptian Tax Administration (ETA) continue to modernize the solutions used for tax information management and processing. The most significant element of this general modernization is the digital processing of invoices. It is a central solution
VAT Law in Oman Oman becomes the fourth Gulf Cooperation Council (GCC) member state to implement VAT, after the UAE, the Kingdom of Saudi Arabia, and Bahrain, with a VAT rate of 5% effective from April 2021. The VAT law will enter into force in Oman from April 2021, following Royal Decree 121/2020. With the
With a thriving economy and rapidly growing population, the UAE government knows that in order to succeed, it needs to leverage digital technology wherever possible. To do so, it has focused on different digital initiatives with the goal of transforming the citizen experience through technology. Digital Age in UAE begins. It recognized the importance of
As of 1 July 2015, the Indonesian government has made it mandatory for companies to use e-invoices. Indonesia was unable to establish a stable tax infrastructure due to many reasons such as high tax returns, spurious bills. With the widespread use of e-invoices, the first step of a stable tax system takes. Invoice is all-important
Malaysia and SST (Malaysia’s New Tax Regime) After the abolition of goods and services tax (GST) in Malaysia, Sales Tax Act and Service Tax Act came into force in 2018. The sales and service tax (SST) were in effect before GST was reintroduced. Key Differences Between the Two Tax Regimes The scope of GST was
