E-invoicing goes ahead in Costa Rica

Tuesday 30 December 2014 07:56 CET | News

Costa Rica was one of the first countries in Latin America to roll out electronic invoicing, along with Mexico, Guatemala and Brazil, points out.

According to the source, unlike them, Costa Rica so far has not brought out any regulations requiring the use of this technological system. Since 2009, Costa Rican taxpayers may voluntarily use electronic invoicing in their business, provided they comply with the tax obligations, technical specifications and XML structures set forth in DGT Resolution - 02 - 09.

In recent years, the Directorate General for Taxation has stated its intention to make the use of e-invoicing mandatory for some professionals. As of 2013, it was foreseen that some independent professionals, such as doctors, lawyers, engineers or dentist would be required to adapt to this system. However, in the end the project did not come to fruition, the source adds.

Now, Costa Rica’s Finance Ministry is immersed in the draft review process concerning the legal and technical specifications for electronic billing, with the advisory services of GS1 Costa Rica, as well as a group of experts in the rollout of e-invoicing platforms on the continent, with EDICOM among them. With this new legislative framework, the government intends to eliminate the shortcomings from the current e-billing schema which limit its use on a massive scale, with a view to achieving a universal system that will lower running costs for companies, while providing greater fiscal control over business transactions with the administration.

The new e-signature and e-billing project includes the creation of a system that enables the gathering, processing and monitoring of invoice information. Although as yet unpublished, it is scheduled for release early in 2015. In addition, as declared by Director of Taxation, Carlos Vargas, to newspaper El Financiero, “electronic invoicing may become mandatory in 2015.”

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Keywords: e-invoicing, Costa Rica, EDICOM, electronic invoicing, Latin America, XML, e-billing, e-signature, Carlos Vargas
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech