Chile Mandates E-invoicing System

SUNNYVALE, Calif. - Feb. 24, 2014 - PRLog -- The Chilean government has made it mandatory for all businesses to follow the e-invoicing system effective 31 January 2014. The new measure’s aim is to reduce manual paperwork, physical stamping of documents and save costs, time and storage, updates Nair & Co. which provides international tax consulting (http://www.nair-co.com/indirect-taxes.aspx) services for companies expanding overseas.

Significant aspects of the mandatory e-invoicing system are as follows:

It is mandatory for companies to issue all invoices (sales and purchases), statements of settlement, debit and credit notes in electronic format. However, companies that demonstrate no or meager internet/electricity access are exempt.
Companies may also opt to use electronic formatsfor issuing other related documents such as delivery receipts, sale tickets,etc.
Generally speaking, companies have approximately 18, 24 or 36 months to adopt the e-invoicing process.
In certain limited situations, companies can use physical paper invoices (e.g. during natural disasters), subject to certain requirements.
Electronic bank payment systems (debit or credit cards) would no longer be supported by a separate sales invoice. However, this provision will not come into force during 2014.

Companies might consider analysing the new requirements in depth to be able to devise suitable updates to internal systems and processes forensuring compliance and avoiding penal consequences.

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Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com

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