Bolivia to roll out e-invoicing in November 2014

Friday 17 October 2014 09:36 CET | News

On November 10, 2014, the new Virtual Billing System (SFV) comes into force in Bolivia.

Although the National Tax Service (SIN) was originally scheduled to roll out electronic invoicing in the country in early September 2014, the regulatory resolution, of August 29, postponed the start-up for 2 months.

The aim of this initiative is to automate procedures and speed up transactions. In addition, it is expected to enhance security, improve fiscal control and cut costs. This is why other neighbouring countries such as Chile, Peru or Argentina have already undertaken measures similar to those of Bolivia to extend the use of electronic invoicing.

The regulation on the new SFV is described in detail in Provision 10-0025-14, which includes some appendices with charts and illustrative examples to facilitate its uptake by the taxpayers. According to Article 2 of the text, natural persons, sole traders or proprietorships, corporations and public sector institutions will be required to bill electronically in business transactions and all operations involved in buying and selling goods and services. However, tax documents relating to special duties, charges and contributions will be excluded from the scheme.

The arrangement also details the existing billing arrangements, the general format in which invoices should be issued, procedures, technical aspects and requirements for metering, activation, inactivation, issuing and storage of invoices, tax receipts and similar documents.

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Keywords: Bolivia, e-invoicing, National Tax Service, Virtual Billing System, SFV, electronic invoicing, billing
Categories: Banking & Fintech
Countries: World
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