Fiscalization or fiscalisation is an internationally used term that describes in one word the progressive development of legal regulations for the use of electronic recording systems. This means that all
transactions of a till must be completely recorded and stored securely. In this way, the data can be protected from manipulation and archived at the same time.
The basic principles of fiscalization are the seamless recording of all sales data, as well as their protected storage in order to prevent manipulation, fight grey economy, and reporting to the Tax Authority (TA).
In general, fiscal regulation covers topics such as:
✓ Fiscal device requirements
✓ Business processes
✓ Transaction data and receipt requirements
✓ Report types and reporting to the TA
Even though basic principles are the same in all fiscal countries every country has its own specific set of rules that must be fulfilled.
In addition to previously stated, in most cases, requirements and conditions that must be fulfilled are regulated by numerous different rules and regulations such as general Tax Code, Accounting Act,
Consumer Protection Act, various technical regulations, etc.
The first country that introduced the concept of fiscalization that we know today was Italy back in 1983. Currently, there are approximately fifty fiscal countries across the globe with increasing trends every
year.
Fiscal country is a term used for a country which has adopted fiscalization as a mean to control taxpayers, usually in the retail and hospitality sectors.
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Contribution by JB Fiscal Consulting
