We Have Launched E-Invoicing In Ecuador
Fonoa's revolutionary e-invoicing solution is now available in Ecuador! The Fonoa state-of-the-art software empowers businesses to effortlessly generate e-invoices and report transactions in real-time.
Fonoa is on a mission to transform global invoicing practices. With our standardized solution, we're bringing businesses from all over the world one unified solution, enabling them to streamline invoicing processes and enhance cross-border transactions.
In 2015, Ecuador introduced its compulsory electronic invoicing system as a pivotal step toward enhancing tax administration and bolstering fiscal oversight. This system imposes a mandate on all enterprises, irrespective of their residency status, whose annual revenue in Ecuador exceeds $20,000 USD. They are required to produce XML electronic invoices, authenticated by the Ecuadorian tax authority, utilizing a digital signature provided by an accredited certification authority within Ecuador.
To comply with this regulation, businesses must initiate the process by registering with the Internal Revenue Service (SRI) and obtaining the requisite authorization. Furthermore, they are obligated to promptly submit every generated document to the SRI within a 24-hour timeframe. It is imperative to maintain records of both the XML file and the SRI approval message for documentation purposes.
The creation of invoices entails fulfilling the data content and format requirements of the SRI, followed by the validation of the data, assigning a unique access code to each document. The document must be signed with an Advanced Electronic Signature using a digital certificate issued by a Certification Authority (CA) to guarantee authenticity, verifiability, and integrity. Once sent to the SRI, an electronic document can have several states, such as the Processing, Authorized, and Unauthorized status, with recipients' obligation to validate them through the SRI WEB portal.
Taxpayers can issue invoice and credit notes and Fonoa will ensure that each electronic document includes a unique access code of 49 numerical digits to serve as the document's unique identifier and authorization number. In case of changing providers, the sequence number used to create this code needs to be maintained and we are happy to facilitate this process.
Fonoa remains committed to supporting businesses to navigate the complex tax system and regulations in the region.
How Fonoa Can Help
At Fonoa we are experts in the field of e-Invoicing. We can help you make sense of the requirements in Ecuador and the rest of the world. We support e-invoicing globally with a single API connection and an easy to use platform. Get in touch to learn more about how we can help automate your global tax requirements.