As we’ve mentioned before, some 7500 large companies in Chile with annual revenue of over 100,000 UF must start issuing their invoicing electronically as from November 2014 using the Electronic Tax Document (DTE). This is mandated by Law 20.727.
However, not only these the big hitters are mandated to sign up to the new electronic system. The law passed by the Chilean government last January determines a schedule of deadlines, due to finalize in February 2017 and which includes both SMEs and micro businesses. In effect, within 3 years some 500,000 taxpayers will have joined the DTE regime!
This is the prescribed implementation scheme:
- 1 August 2015: SMEs with a turnover of more than 2400 UF and located in urban areas
- 1 Februay 2016: SMEs with a turnover of more than 2400 UF and located in rural areas
- 1 Februay 2016: urban micro businesses with a turnover of less than 2400 UF
- 1 February 2017: rural micro-businesses with a turnover of less than 2400 UF
With this forecast, Chile will have completed the rollout of mandatory electronic invoicing in just over 3 years. This measure, now increasingly widespread in countries around the world, will improve procedures, cut down on errors, reduced tax fraud and, most of all, boost savings.
How to issue DTE?
To issue DTE it is advisable to have an e-billing platform like EDICOM’s, which is responsible for generating, sending, receiving and storing the documents practically automatically. This solution is adapted to the requirements laid down in Chilean legislation and has an electronic communications service with the IRS for online declaration of invoices for tax purposes.
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