Latin America continues to lead the way
Billentis reports that the Latin American region continues to be a global leader in terms of the market adoption rate for e-Invoicing. The Mexican association AMEXIPAC recently published the report “Estudio comparativo de Factura Electrónica en Latinoamérica”, which includes a comparison of Latin American countries and also takes a look at Portugal. the report mentions that;
"By the end of 2015, more than 26.5 million tax payers in the twelve countries under analysis were affected by the requirement to issue invoices and other related documents in an electronic format. In 2015, more than 12.4 billion e-facturas were issued, the highest volumes being in Mexico, followed by Brazil, Ecuador and Argentina."
In the majority of the countries studied, invoice data is validated in real time by the tax authorities.
Billentis concludes and predicts that:
- All tax related documents may only be exchanged electronically in the future: invoices, simplified invoices (receipts issued at the point of sale), credit/debit notes, monthly salary statements, etc.
- Once the system is up and running in the domestic context, import and export transactions will also have to be reported electronically; Latin American countries are losing no time in pushing for negotiations with other relevant countries in order to collaborate on this issue.
- Electronic reporting will, in the future, not only affect documents in the financial supply chain. It will also consider documents of the physical supply chain (inventory, transport of goods, etc.).
- VAT declaration/reclaim will, in the long run, no longer be necessary, as the tax authorities will obtain all the information to settle this automatically complete tax/VAT automation.