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Electronic invoicing11/24/2023 ![]() ![]() Government authorities (e.g., clearing, customers, excise, tax departments) play an important role in this chain. Depending upon the nature of the transaction, the process of paperless trading can involve a number of agents such as insurers, transport organizations, excise and Customs departments, banks, and financial organizations. ![]() It requires all participants in the trading activity to realize and implement a standard process of exchanging and accepting contracts or bills documenting transactions. The idea of electronic invoices stems from the increasing focus on paperless trading, loosely defined as business transactions that involve exchange of data through electronic means. With e-invoicing the traditional paper invoice is replaced by an electronic version, which removes many of its disadvantages whilst maintaining the invoice as an intact document. transmission to the receiver using electronic equipment for processing and storage of data". A definition of e-invoicing is provided in the EU Council Directive 2001/115/EC : "The sending of invoices 'by electronic means', i.e. Other policies regarding to issuance of receipts or invoices shall continue to apply.Electronic invoicing (e-invoicing) is a low-cost transaction processing system that leverages information technology to transform a manual and paper-oriented billing process into a faster and more efficient electronic version of data messaging and record keeping. With this, the taxpayers will no longer be required to submit their Summary List of Sales (SLS), however, the Summary List of Purchases and Importation submission requirement shall continue. The encrypted sales data should be transmitted on EIS using Java Script Object Notation (JSON) file format. Delayed/late or no transmission of sales data will be punishable by a corresponding penalty. The transmission of sales should be done real-time or near real-time provided that it shall be done within three (3) calendar days from the date of transactions. Once accomplished, the taxpayers can now report theirs sales to EIS on the day following the issuance of the PTT.
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