It’s been just over two months since electronic invoicing became mandatory in Chile, but statistics show the new practice has caught on like wildfire.
The Chilean Internal Revenue Service reports that since the new mandate went into effect, 87 percent of the 9,880 large companies to whom the new law applies have adopted e-invoicing. In October 2014, just before e-invoicing became mandatory, 70 percent, or 6,911 businesses, were utilizing e-invoicing.
In recent comments published by Edicom, a Spanish company that develops and implements high performance business-to-business transaction systems, the Chilean Head of Taxpayer Support and Assistance and IRS spokesperson of that country’s e-invoicing program calls his nation’s electronic invoicing system among the world’s most successful. Ricardo Pizarro also says Chilean entities with annual revenues of greater than 100,000 UF will be required to issue the Electronic Tax Document.
In the year 2018, electronic invoicing will be mandatory for all industries in Chile. It is estimated the move will save that nation $600 million annually due to the predicted reduction in tax fraud and improved fiscal control.
Tami Kamin Meyer is an Ohio attorney and writer.