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 […]
The eInvoice Act (eRechnungsgesetz) and the eInvoice Regulation (eRechnungs-Verordnung), which came into force in Germany in April 2017, made eInvoicing mandatory for all federal contracting entities, regardless of the invoice amount. The eInvoice Act also stipulates specific dates for the implementation of electronic invoicing. According to this, This law applies only to regulations for federal
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
Hong Kong is at an advanced stage with its free-market, IT standards, robust regulatory system, and document standards. The government has created a Digital 21 plan to strengthen the information infrastructure. In collaboration with 12 other private organizations, it financed Tradelink Ltd, which provides e-commerce services to nearly 70,000 companies in Hong Kong. Customs entry
