The next-generation model for electronic tax reporting and invoicing
Written by Ruud van Hilten – VP Product Compliance at Tungsten Network, Nazar Paradivskyy, Alexander Kollmann (Schwarz Group), Bruno Koch (Billentis), Charles Bryant (EESPA), Christian van der Valk (Sovos).
Many governments are considering or implementing Continuous Transaction Controls (CTC) to improve VAT collection, fight fraud and reduce error. CTCs are typically digital solutions for reporting invoice data to tax administrations in (near) real-time. The technology for nationwide implementations of CTCs is available and the business case for such implementations is undeniable.
At the same time, the current models are primarily designed to deliver on the objectives from individual tax administrations and as such are less business-friendly than they could, or even, should be. This white paper proposes a next-generation model for electronic tax reporting and invoicing that marries the objectives from tax administrations with business needs.