Leading Cloud compliance vendor publishes 7th edition of global e-invoicing white paper
The 2015 version of this acclaimed paper by Sweden-based TrustWeaver profiles more than 80 countries
Stockholm, 8 June 2015 – TrustWeaver, a Sweden-based vendor of always-up-to-date compliance for electronic invoices and other legally critical e-business documents, has published the 2015 edition of its global e-invoicing white paper. The document contains both general analysis and detailed data on more than 80 countries. It can be downloaded from www.trustweaver.com/knowledge
According to TrustWeaver’s expert team, countries worldwide have adopted two vastly different regulatory approaches to controlling invoice flows for value-added-tax purposes: ‘post audit’ and ‘clearance’.
The ‘post audit’ concept is based on European tax law and mostly practiced in countries with bearable levels of fraud – in these countries, tax audit may happen up to a decade later.
TrustWeaver asserts that countries with a ‘clearance’ method essentially introduce the tax administration or an agent acting on its behalf as a third trading partner between supplier and buyer.
Says Filippa Jörnstedt, one of TrustWeaver’s compliance specialists: “the innovation in clearance countries is that the tax administration must approve and register the supplier’s invoice before it can be issued to the buyer. These systems have completely re-engineered the business-to-business data interchange process based on government-imposed document standards and authentication processes.”
Major differences exist among countries within each group, and enterprises must often ensure legal monitoring and robust change management to follow up on frequent legal changes in most jurisdictions.
Tim McGrath, Managing Director at Document Engineering Services in Australia, commented “this document details everything most of us ever want to know about invoice compliance in a one-stop shop. Excellent!”
Andrea Fogel, Partner Engagement Manager