The implementation of a national electronic invoicing system of a generalized nature supposes important advantages for taxpayers
The Executive power just deposited before the Senate the Bill of General Law of Electronic Invoicing for the payment of taxes, and many taxpayers may be wondering how this mechanism, already established in several countries of the Americas, benefits them. Latin America.
The implementation of a national electronic invoicing system of a generalized nature supposes important advantages for taxpayers, both in terms of reducing the cost of compliance, and in terms of the possibility of improving its efficiency thanks to the reduction of operating costs and the possibilities of automation. .
The decrease in costs for taxpayers who are large issuers of invoices occurs through several ways, such as saving paper, physical space for storing documents for the time required by the standard and not having to physically send documents to clients.
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These benefits also reach small and medium taxpayers, who are assured that mechanisms exist so that they can participate in the system with low costs.
Another benefit for taxpayers is the reduction in the cost of compliance and the possibility of alleviating certain obligations before the tax administration, such as, for example, sending information to the administration, or even the obligation to keep purchase and sales books.
Transaction cost reduction opportunities for taxpayers include improving their own processes. This is the case of the improvement of the accounting record of collection, payments to suppliers and inventory management, to the possibility of even interoperating with other taxpayers.
The effort to modernize the tax administration began in Chile in 2003 and the experience has been spreading to other countries of the Latin AmericaWhat Argentina, Brazil, Ecuador, Mexico, Peru and Uruguay.
There has also been progress in Costa Rica, Colombia, Guatemala, Panama and Paraguayand the intention has been expressed to develop national systems in El Salvador and Hondurasamong other countries.
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The benefits of the electronic invoice are extraordinary for the tax administration and are presented both in the areas of tax control and in those of services.
In terms of control, the accumulation of debits for a taxpayer in invoices issued and credits in invoices received, contrasted with the periodic declaration of the corresponding tax, generates a control capacity linked to data processing.