Over the last 10 to 15 years, the tax compliance and reporting landscape has evolved drastically. With more stringent reporting requirements on international business, global regulatory pressure has also increased. Having said that, authorities have transformed as well, adopting a more strategic, commercial, and digital approach. The emergence of the digital era has played a positive role in the tax and regulatory landscape, like the implementation of e-invoicing and e-reporting across the world. For the unversed, many countries have made e-invoicing and e-reporting mandatory while some countries are on their way to implementing the same.
The digital transformation of invoicing and statutory reporting has resulted in it being a survival kit for organisations that want efficiency, precision, and seamless compliance with their tax and regulatory requirements. If we talk statistically, the e-invoicing market reached around USD 14 billion in 2023, expected to grow at a CAGR of 18% during 2024-2032, reaching around USD 61 billion in 2032. The numbers are huge and promising; they showcase the need for accuracy, sustainability, and faster methods. But have you ever given a thought to what might be the key drivers of this continuous growth?
Source TJC Group
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