A governance framework for mandatory E-Invoicing and real-time reporting should include the following elements:
- Legal and regulatory requirements: The framework should clearly outline the legal and regulatory requirements for E-Invoicing and real-time reporting, including any relevant laws, regulations, and guidelines.
- Roles and responsibilities: The framework should identify the roles and responsibilities of key stakeholders, such as the tax authority, businesses, and service providers. This should include who is responsible for ensuring compliance with the E-Invoicing and real-time reporting requirements.
- Technical specifications: The framework should specify the technical requirements for E-Invoicing and real-time reporting, including the data format, transmission protocols, and security measures.
- Data management: The framework should outline how data will be managed and stored, including the retention period and the procedures for accessing, sharing, and protecting data.
- Compliance monitoring and enforcement: The framework should outline the procedures for monitoring compliance with the E-Invoicing and real-time reporting requirements, as well as the consequences for non-compliance.
- Stakeholder engagement and support: The framework should include provisions for stakeholder engagement and support, including training, outreach, and assistance to ensure successful implementation of E-Invoicing and real-time reporting.
- Evaluation and improvement: The framework should include procedures for evaluating the effectiveness of the E-Invoicing and real-time reporting system and making improvements based on feedback from stakeholders.
Overall, a governance framework for mandatory E-Invoicing and real-time reporting should be comprehensive, transparent, and responsive to the needs of all stakeholders, with a focus on promoting compliance, efficiency, and effectiveness.
