Tax compliance requires businesses to understand that while they may trust their data, the government does not. Businesses aim for perfect visibility into operations, but good visibility is often sufficient for meeting objectives. However, tax administration requires the best possible insight into data for societal thriving, which is an absolute goal. Governments have been slow to adopt digital tools for tax enforcement, but a data revolution is now inevitable. To replace subjective decisions, tax administrations are using electronic invoicing to achieve objectivity. This shift towards e-invoicing is not just an accounting or IT concern, but a movement that will bring about e-government and economic transparency. The global e-invoicing market is growing substantially, reaching a market size of US$11.2 billion in 2022.
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- See also
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