- Tax authorities worldwide are implementing e-invoicing and continuous transaction controls (CTCs) to gain more control and insight into business transactions.
- E-invoicing is a digitized form of traditional invoicing, while CTCs require businesses to provide transaction data in near or real-time to infrastructures defined by tax authorities.
- E-invoicing poses technical and regulatory hurdles for companies due to the lack of global standards, and companies must comply with each country’s rules and regulations.
- Tax authorities are gravitating towards CTC e-invoicing as it gives them a clearer picture of tax revenue and helps prevent irregularities such as tax fraud or evasion.
- E-invoicing also benefits companies by improving cash flow, reducing errors, and saving time.
Source Thomson Reuters
