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Chile Mandates Electronic Invoicing by Year’s End

chile mapIf you’re associated with a multinational corporation that conducts business in Chile and generates revenues in excess of $4.2 million dollars annually, that nation’s new electronic invoicing requirements will affect you. That’s because Chile’s taxing authority recently announced that as of November 1, 2014, commercial invoices transmitted by such entities must be sent electronically. Not only that, they must adhere to a standard electronic format for approval.

The new procedures, based on revenue tiers, will unfold over a three-year period. Since the process is complex, it is advisable to team with a software provider extremely familiar with Chile’s impending e-invoicing updates.

Particularly because the new Chilean system will be complex, it is essential to select an e-invoicing partner extremely familiar with the nuances of the incoming process. Doing so will lessen the likelihood of wasting time with an inexperienced provider, avoid unnecessary implementation costs as well as decrease the potential for government fines due to e-invoicing errors.

Prior to selecting an appropriate Chilean electronic invoicing partner, it is essential for a corporation to define its business needs as well as potential challenges for adopting that nation’s new e-invoicing laws. It is also advisable to choose an e-invoice team whose services are tailored to meet your business’s specific industry needs.

There are several important matters to consider before settling on a Chilean e-invoicing cohort. They include whether the provider offers:

  • Turn-key invoicing platforms
  • Accounts receivables and accounts payable best practices
  • Multilingual project management
  • Guaranteed compliance with government regulations

A report released by e-invoicing entity Billentis in February 2014 indicates business for Chilean-based e-invoice professionals will reap 70 percent of the market in that nation by 2015.

Chile is among the three leaders of e-invoicing in Latin America, along with Mexico and Brazil.

Tami Kamin Meyer is an Ohio attorney and writer.
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