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US Implements EInvoicing and Reporting: Similarities to Latin America?

The U.S. has recently introduced two new requirements – public sector e-invoicing and country-by-country reporting – with themes parallel to Latin America as it seeks to create efficiencies in government processes and cut down on tax evasion.

After a four year pilot program exploring the feasibility and benefits of e-invoicing in the public sector, the United States Treasury Department has announced that government agencies must begin processing all invoices electronically by 2018. As the largest single purchaser of goods and services in the country, the federal government’s shift to e-invoicing marks a significant milestone in the business-to-government landscape, one that follows the European e-invoicing model.

Latin America has long been at the forefront of business-to-government compliance requirements, and nations across the globe have taken note of how countries in this region have successfully cracked down on tax fraud.How do the recent U.S. actions compare?

 

Source: https://www.finextra.com/blogposting/12339/us-implements-einvoicing-and-reporting-similarities-to-latin-america


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