E-invoicing, or electronic invoicing, is becoming increasingly mandated by tax authorities around the world to reduce national VAT gaps. This structured data format enables automatic and electronic processing of invoices, leading to faster and more efficient invoicing. Over 100 countries have e-invoicing legislation in place, and more are moving towards mandating it for B2B transactions. Utilizing technology for precise VAT calculations is crucial, and mandating e-invoicing will force organizations to invest in modern solutions. This will allow tax authorities to more easily access VAT data, identify discrepancies, errors, and fraud, ultimately maximizing tax revenues and closing the VAT gap. Businesses resisting the move to e-invoicing should consider the increasing number of countries mandating it in the coming years.
Source Innovate Tax
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