Scott Lewin mentioned in this post that when on the phone with Fortune 500 companies to discuss Latin America electronic invoicing, they are in panic mode. Why? Because their local team had told them it was not a big deal; but once they started understanding the requirements, the impact to their ERP, and the frequency of changes to the legislation, they realized it was a big deal. A very big deal.
When it comes to the inbound Buyer side requirements in Mexico several aspects are often overlooked by the local teams of the Fortune 500’s First of al they don’t think the mandates exist for AP validatio. Second, their suppliers are still sending paper today. And finally, they just don’t think the mandates are real because the government has not had a history of enforcing CFDI.
OpenPEPPOL has published their opinion on the proposal for a Directive on electronic invoicing in public procurement. In essence OpenPEPPOL welcomes the European Commission’s proposal for a Directive on electronic invoicing in public procurement1, and the focus on shifting towards a paperless public administration, particularly its crossborder dimension.
However, OpenPEPPOL also have suggestions and recommendations regarding this directive. We’ve made a summary from their 12 page opinion paper.
Until recently, there was some divergence in Ireland between service providers who provide consumers with paper bills and those who have migrated their customers onto electronic bills (e-bills or online bills). This led to different levels of consumer protection.
However, new conditions were introduced by ComReg on 6 June 2013 (ComReg Document 13/52). All providers offering pre-paid and/or post-paid services will need to familiarise themselves with the new requirements and ensure they can comply by the end of the transitional period. The conditions came into effect at the beginning of August 2013.
Ebilling is finding its ways accross society. And more and more examples brake the surface, showing that consumer demand protection against all to drastic onboarding schemes. Ireland is most probably the first in the world to impose ebilling consumer protection legislation. But if we may believe the rumours Canada may follow within short notice.
It took several years, but the Canadian government is on the case. The banks, which also charge for paper bills, could be next to feel customers’ rage. And it is expected that the CRTC will come with regulation.
SAP teams are realizing the true cost of operating electronic invoicing in Latin America, as over 500,000 organizations look to install the new CFDI mandates for electronic invoicing in Mexico. There are hundreds of thousands of dollars which cannot be spent annually on process improvements as they are hidden costs applied to maintaining SAP in countries like Mexico.
The key lesson from Invoiceware on hidden costs is: Don’t let a $10,000 dollar local/point solution create a $300K a year support problem.
EDICOM wrote in a post that on July 16th, the Official Gazette of the Courts published the Bill on the promotion of electronic invoicing and creation of the accounting record for invoices in the Public Sector. According to the Spanish government the roll-out of electronic billing saves 51 million Euro every year. It would also save 2.3 million paper sheets.
Under the new law, suppliers must submit and transact their receipts electronically via a general entry point for electronic invoices to be used by all Administrations.
Over the past six months, Russia has experienced a significant increase in the number of companies that are beginning to exchange electronic documents. Today, more than 250,000 companies have expressed a desire to exchange electronic documents in a so-called FTS newsletter. In May, the figure was 105,000.
This trend is explained by the active involvement of contracting companies that have launched pilot projects at the time of the legalization of electronic invoices in May 2012.
Vertex has announced an alliance with Invoiceware International to provide multinational corporations with a more robust tax engine with electronic invoicing capability to support Brazilian tax compliance, as well as the day-to-day Nota Fiscal requirements. Vertex is a leading provider for corporate enterprise tax solutions.
“Multinationals continue to recognize that the real cost driver of tax and e-invoicing compliance in Brazil is the management of constant change. This partnership provides multinationals with an opportunity to grow their business in Brazil, while Vertex and Invoiceware ensure compliance with the evolving requirements ,” said Scott Lewin, President and CEO, Invoiceware International.
Only invoices bearing an electronic stamp from a PAC are legally valid for tax purposes, so your choice of an Authorized Certification Provider is a critical question that should be carefully analysed. Here we give you four mistakes you must not make when choosing your PAC: Not to demand an SLA that guarantees service availability, No adding added value CFDI-issuing to your platform, Failing to check security in communications, Delaying the decision to migrate to CFDI.
Read MoreThere probably is no such thing as coincidence. First, the European Commission published a report estimating €193 billion in VAT revenues (1.5% of GDP) were lost due to non-compliance or non-collection in 2011. Second, A.T. Kearney in association with Visa and Dr. Friedrich Schneider published there yearly report called “The Shadow Economy in Europe“, which looks at the “legal business activities that are performed outside the reach of government authorities.”
Together both reports state that electronic invoicing could help governments to contain tax evasion and the shadow economy. Is that so?. let’s take a thorough look at that.
