- The Asia Pacific region is expected to have the highest annual e-invoice volume growth rates until 2025 due to its newness to tax digitization, with e-invoicing being adopted as an effective measure for VAT control.
- E-invoicing strategies in the region vary greatly, with some countries focusing on record retention and others influenced by Latin American clearance models and continuous transaction controls.
- More countries in the region plan to introduce a staged approach to mandatory e-invoicing or CTCs in the coming years.
- Malaysia plans to launch a pilot e-invoicing program in 2023, following a CTC clearance model.
- Thailand has been developing a robust e-invoicing system with a framework that boosts e-invoicing using certified third-party service providers for e-tax issuance.
- China has gradually introduced e-invoicing, starting with B2C, and has a pilot program enabling selected taxpayers to issue VAT special electronic invoices on a voluntary basis.
Source Sovos
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