Colombia plans to implement a new e-billing model

Thursday 18 September 2014 00:54 CET | News

Colombia is planning to implement a new electronic billing model dubbed SIFEL, recent findings indicate.

According to the source, in December 2013, the National Customs and Tax Directorate (DIAN) launched the draft decree on adoption of electronic invoicing which, once published, will replace the current regulation. The text is based on strategies that have been implemented elsewhere in Latin America and in particular, in Chile, Brazil and Mexico.

The new electronic invoicing system (SIFEL) proposed will be applied, in the first place, to a given number of subjects chosen by the DIAN. This selection will take into account a number of aspects that should be reported, at the very latest, within 6 months after publication of the Decreed. In addition, those taxpayers who apply to the SIFEL voluntarily can also join.

The electronic billing model currently in force in Colombia has some drawbacks that prevent rapid adoption. Among them, the fact that there is no defined standard for electronic documents which ensures their integrity and authenticity and which, at the same time, facilitates their exchange between companies.

With the new decree, is expected that electronic tax documents (DTE) will have a standard format, being electronically signed by means of the taxpayers’ digital certificates and provided with a specific graphical representation, through a barcode.

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Keywords: Colombia, e-billing model, electronic billing, electronic invoicing, SIFEL
Categories: Banking & Fintech
Countries: World
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