In a global digital economy with more than 6 billion smartphone users expected worldwide by 2020, businesses see expanding new markets at nearly every turn.
Striving for the perfect tax invoice in a digital world
In a global digital economy with more than 6 billion smartphone users expected worldwide by 2020, businesses see expanding new markets at nearly every turn. This digital trend is not just providing benefits for users but to governments and tax collection as well. The increased use of e-invoicing and electronic filing by government authorities is one such example of governments using digital tools to facilitate compliance and track fraud – quicker and more efficiently.
This comes in handy for multinational companies: as they tap new growth opportunities for their goods and services, they face a steady stream of customs and indirect tax regulations – such as value-added tax (VAT) and its counterpart, the goods and services tax (GST) – along every stage of the supply chain, across a multitude of jurisdictions.
Checklist: Anatomy of the perfect tax invoice
While requirements vary by jurisdiction, a ‘perfect’ invoice should include:
Does your business have the infrastructure to provide customs officials this data, accurately and in real time?
A company’s long-term survival hinges on its ability to feed jurisdictions a steady, accurate supply of data, in real time, while satisfying indirect tax and customs requirements along the way. The first step in ensuring the data you provide is fully transparent, and standardized, is to look internally, across departments, and externally, with vendor partners. Are all your players and stakeholders on the same page?
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