Chile Mandates E-invoicing System

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Information about Chile Mandates E-invoicing System
Business & Mgmt

Published on February 21, 2014

Author: NairandCo

Source: slideshare.net

Description

The Chilean government has made it mandatory for all businesses to follow the e-invoicing system effective 31 January 2014. The new measure’s aim is to reduce manual paperwork, physical stamping of documents and save costs, time and storage, updates Nair & Co. which provides international tax consulting services for companies expanding overseas

Chile Mandates E-invoicing System (Bristol, UK) - The Chilean government has made it mandatory for all businesses to follow the einvoicing system effective 31 January 2014. The new measure’s aim is to reduce manual paperwork, physical stamping of documents and save costs, time and storage, updates Nair & Co. which provides international tax consulting services for companies expanding overseas. Significant aspects of the mandatory e-invoicing system are as follows:  It is mandatory for companies to issue all invoices (sales and purchases), statements of settlement, debit and credit notes in electronic format. However, companies that demonstrate no or meager internet/electricity access are exempt.  Companies may also opt to use electronic formatsfor issuing other related documents such as delivery receipts, sale tickets,etc.  Generally speaking, companies have approximately 18, 24 or 36 months to adopt the einvoicing process.  In certain limited situations, companies can use physical paper invoices (e.g. during natural disasters), subject to certain requirements.  Electronic bank payment systems (debit or credit cards) would no longer be supported by a separate sales invoice. However, this provision will not come into force during 2014. Companies might consider analysing the new requirements in depth to be able to devise suitable updates to internal systems and processes forensuring compliance and avoiding penal consequences. For more information about international expansion services or to learn more about our global regulatory compliance team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our

model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

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