How does SII compare to other VAT reporting models in Europe?
The latest White Paper published by EDICOM on e-VAT compliance worldwide shows the different submission systems rolled out in each country. Some of the most advanced are Portugal, Luxembourg and the Czech Republic, which opted for this method some years ago. Nevertheless, the majority of states are currently immersed in the rollout process, as occurs in Spain, Italy or Hungary.
GDSN: How does data synchronization affect the final consumer?
Today, one of the main objectives of logistics and trade is immediacy. The sooner the demand is met the more competitive the company will be. For this reason, suppliers, manufacturers and distributors are abandoning the use of traditional catalogs in favor of product data synchronization through the GDSN network. What is the difference? While the catalog needs to be updated constantly to modify article information or to add new references, electronic synchronization makes the process automatic and more importantly, immediate.
For participants involved in the supply chain, the benefit is direct. The flow of communication is optimized, information is always up to date and orders are made and delivered more easily. But what advantages does product data synchronization have for the final consumer?
Report shows: CFDI has enormous impact on tax evasion
Although e-invoicing entails benefits such as encouraging innovation, the elimination of the paper in companies or economic cost savings, Mexico’s tax authority opted for this initiative to achieve two great goals: to simplify compliance and, most of all, to fight tax evasion. Now, a report published by the Monterrey Technological and Higher Education Institute concludes that introducing the CFDI has had a significant impact on tax evasion, one of the main economic issues dogging the country.
According to the Monterrey Technology Institute’s study, the obligation to issue CFDI, which came into force in 2015, led to growth in Income Tax (ISR) to the tune of 6,6% for legal entities and 21.3% for individuals. This is the most widely collected tax for the SAT, hence the importance of avoiding fraud.
-> Read the complete article on the CFDI webpage.
-> Follow the CFDI transformation route with these resources.
EDICOM is ready to stamp invoices with CFDI version 3.3
On July 1, the option of using the new CFDI version 3.3 came into force, prior to becoming mandatory on December 1, 2017. If you are already using the new CFDI version 3.3, you should know that EDICOM is now authorized by the SAT to stamp these bills. The process has already been validated with the SAT and is now up and running. Taxpayers who have already implemented the new CFDI version 3.3 will be able to stamp their invoices with EDICOM from the outset.
Challenges of e-invoicing in Mexico and LATAM countries
Globalization, the expansion of markets and legislative changes around the world means that companies are increasingly interconnected, and require secure and reliable communications to roll out international e-Invoicing projects.
Now that e-invoicing is extending to all continents, a main obstacle for multinational companies is to comply to these new systems. This is why EDICOM has developed a global electronic invoice platform that adapts to different e-invoice models that exist in the world and to the legislation currently in force in each country. This way companies need only one platform to operate in any market, allowing them to continue working from their centralized management system.
Would you like to know more? Download our free Expert Analysis on e-Invoicing in Latin America (available in English, Spanish, Portuguese).
Four advantages of having a global e-invoice provider
The electronic invoice is being used more and more throughout the world. In some cases, companies have made the decision to use e-invoices in order to eliminate paper and increase efficiency. However, in most cases it is a requirement for tax compliance. This is already the case in most countries in Latin America and Europe. Other regions such as Asia and North America are also beginning to take steps to encourage the use of this technology.
The problem is that in a globalized world, where companies often operate in different markets, electronic invoicing does not follow the same pattern. Each country has implemented a different model, which requires the use of certain technical requirements. Therefore multinational companies are faced with the challenge of adapting to the requirements of each country.
The communication and the implementation of this system with different partners in different markets can jeopardize its efficiency. The way to overcome this obstacle is to hire one global electronic invoice provider.
Related posts
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- CFDI White Paper + landing page: the e-invoicing system evolution in Mexico
- Free white paper on global VAT compliance: how to do your e-VAT return
- Financial EDI: the antidote for corruption and tax fraud in Brazil’s dwindling economy
- Globaleinvoicing.com: learn the details of 60 countries that now use e-invoicing
- EDI solutions for the US retail industry by EDICOM
- EDICOM links up your SAP solution with the AEAT for SII
- E-invoices in Costa Rica can now be issued in other than the national currency
- How to: Managing Payment Advances with CFDI 3.3
- Preparing for the Spanish SII? EDICOM has the right tools for you
