Managing global compliance is difficult and demanding. Now, you can ensure hassle-free compliance and tax regulations with Zycus Global Compliance Solution
With Zycus, you can maintain content compliance across all the countries with ease by using pre-defined templates and configuring country-specific forms as per your requirements.
With Zycus, you can now expand your business more strategically, as you can validate and make sure correct taxes are charged on every invoice.
With Zycus, enjoy stress-free tax audits, as you can maintain the authenticity and integrity of e-invoices across all the countries and can generate, validate, store, and archive invoices.
Why is eInvoice compliance important?
In eInvoicing, legal compliance means acting in accordance with local rules and regulations that define how businesses can process eInvoices in a given country. As more governments implement digital tax reporting laws, eInvoicing has become the top of mind for many business owners. eInvoicing compliance is considered necessary for any business. Correct handling of VAT and other taxes reduces the risk of incurring fines or other penalties and ensures that companies receive correct nd on-time VAT refunds.
What are the crucial points we should consider for eInvoicing compliance?
- Authenticity of origin: ensure that eInvoice is sent by the invoice issuer and not by someone who is imitating them.
- Legibility: ensure that eInvoices are in readable format throughout the entire document’s validity cycle.
- Storage: the time span for which eInvoices should be archived and available for any tax inspection or audit.
What are eInvoice models?
There are two eInvoice models:
- Post audit: The tax authority validates the invoice after the transaction is completed between buyer and seller. Post audit is currently prominent in Europe and US.
- Clearance model: The tax authority first approves the invoice, and then there is a transaction between buyer and seller. It helps in reducing VAT gaps. Latin America is a pioneer in the clearance model, and it is spreading to newer countries as well.