LATAM

What is a Clean Core Strategy? A Clean Core strategy in Enterprise Resource Planning (ERP) revolves around ensuring that your organization leverages the latest releases with minimal core system modifications, all while embracing cloud-compliant extensions and customizations. It’s about finding the perfect equilibrium between the stability of standardization and the flexibility to innovate. By standardizing your ERP processes and data, your business gains access to more industry best practices while having the freedom to customize where needed to set itself apart.

In a strategic move towards advancing financial digitalisation, the Minister for Finance of Ireland has announced an impending public consultation, aiming to enhance and modernize VAT Invoicing and Reporting System within the nation. This initiative, stemming from strategies delineated in the 2024 Irish Budget, encompasses exploring and potentially incorporating continuous transaction controls and e-invoicing. Meanwhile, the nation attentively observes the EU’s ‘VAT in the Digital Age’ reform package, with a vision to harmonise digital reporting across the EU. Amidst these transitions, the pivotal role of digitalisation emerges not only as a facilitator of simplified tax reporting but also as a tool to bridge the considerable VAT Gap, which currently stands at an impactful €1.7 billion.

Romania SAFT plans accelerating

Fully digitalized e-fapiao, which are electronic invoices (e-invoices), is a completely new type of electronic invoice, which is different from the previously introduced normal value-added tax (VAT) e-fapiao and the traditional paper fapiao but has the same legal effect.

The BPC Business Payments Coalition has announced the extension of its e-invoicing pilot program into 2023. The program, which kicked off in April, will soon encompass 100 participating businesses. The goal is to implement a comprehensive public scheme by 2023, available for voluntary adoption. As of May 2022, over 75 international businesses have joined the pilot, with a rollout planned in three stages. Taxera is a participant in this pilot program.

The Ministry of Finance and Public Credit in Colombia has introduced several amendments to the CUFE e-invoice rules. Notably, these changes mandate digital platforms to provide an e-invoicing service for billing their clients. Additionally, further clarifications have been made regarding the concept of “electronic equivalent documents” and the invoicing dates when e-invoicing is not mandatory.