New companies sign up for e-invoicing in Uruguay

Friday 16 January 2015 13:23 CET | News

As of July 1, 2015, more than 700 new businesses are set to join the electronic billing scheme in Uruguay, reports.

According to the source, the mandatory nature of the move is set forth in Resolution 4355/2014, issued on November 26, 2014 and the taxpayers affected have been notified individually. As reported in the newspaper El Observador, the profile of the companies due to migrate to the system this year varies considerably, but in general it’s about larger sized companies.

In 2014, roughly 1,500 taxpayers signed up for e-billing in Uruguay. Some of them were obliged to do so, as set forth in Resolution Nº 798/2012, while others did so voluntarily. In total, the General Tax Directorate (DGI) calculates that the growth rate of e-invoicing in the country last year was around 24%. For 2015, the figure is expected to rise to 50%. These figures would make Uruguay one of the top 10 states in e-invoicing internationally.

In September 2014, newspaper El País revealed that Uruguay was likely to make e-billing compulsory for another 1000 businesses by September 2015. In addition, the DGI Director announced that the authorities are studying the draft of a schedule for the incorporation of different company profiles, similar to that of other states such as Argentina. This is likely to become one of this year’s new features.

Since August 20, 2012, taxpayers have been able to use the Electronic Tax Receipt (CFE) or e-invoice voluntarily. This system replaces the traditional process on paper for legal and tax purposes. The receipts (invoices) are generated electronically and interchanged between the company, the DGI, customers and suppliers. They are subsequently stored in digital format for the five-year period stipulated in current legislation.

The rollout of e-invoicing involves automation of administrative procedures. In addition, it enhances security and cut economic costs. For these reasons, the system is increasingly being adopted in countries around the world.

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Keywords: e-invoicing, Uruguay, businesses, electronic billing, scheme, electronic, billing, edicomgroup, e-billing, taxpayers, DGI, CFE, e-invoice
Categories: Banking & Fintech
Countries: World
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Banking & Fintech