E-invoicing
Let’s start with a simple truth: while you may trust your data for tax purposes, the government often does not.
Businesses aim for good visibility into their operations to meet their goals, but they sometimes need more accuracy. On the other hand, tax authorities need the best possible insight into business data. Even minor improvements in tracking can save a country billions.
Business leaders often misunderstand this difference. Governments need to be faster to adopt digital tools for enforcing tax laws, but now that they see the benefits, a significant data revolution is underway, transforming how businesses operate.
Traditionally, businesses have interpreted tax laws, leading to many subjective decisions. Tax administrations have recently aimed to eliminate this subjectivity through electronic invoicing (e-invoicing).