What is real-time invoice reporting, and how can I know if it is mandatory in the country I operate?
Real-time invoice reporting is a process tightly related to invoice issuance. It means that business entities are obliged to report sales transactions to tax authorities immediately, at the same time when the transaction occurs.
There are two different scenarios:
- In some countries like Italy or Hungary, it is enough to simply report the transaction to tax authorities, sending back a confirmation to acknowledge receipt.
- In other countries like Mexico, Chile, or Croatia, tax authorities must authorize the transaction before an invoice can be issued. Once the seller receives authorization, they can invoice the end customer.
This reporting process might seem long and confusing, but in practice, it only takes milliseconds.
Some countries where real-time invoice reporting is mandatory are Argentina, Bolivia, Brazil, Chile, Colombia, Croatia, Czechia, Ecuador, Greece, Guatemala, India, Italy, Kazakhstan, Mexico, Peru, Romania, Slovakia, Slovenia, Taiwan, Turkey, and Uruguay.
You can find more information about real-time invoice reporting in our article.thick box
If you need help with automating the real-time invoice reporting process and the most accurate information about the countries where real-time invoice reporting is mandatory, please contact us. We will be happy to assist you.