E-archiving for VAT: Compliance in a Digital World
The importance of compliant archiving of original invoices and similar tax-relevant documents has long been underestimated. For any company, the e-invoice archive is where the evidence of your tax compliance lies, but in today’s highly digitized global environment that evidence tends to be dispersed over multiple systems in multiple countries. Both understanding what rules apply for these records as well as ensuring compliance with them in an ever-changing regulatory landscape can be daunting for multi-national companies.
Against this backdrop, the digital transformation carried out by tax authorities across the globe shows no sign of slowing as governments continue their quest to reduce fraud and tax evasion to close tax gaps. More tax authorities are enforcing their own specific technology-based continuous transaction controls (CTC) frameworks.
The introduction of CTCs coupled with the transformation of business is fundamentally changing the nature and importance of archiving. Whilst many companies have long considered archiving as simply storage, this has now become an outdated and potentially dangerous view.
This white paper dispels that myth and illustrates why archiving today is more than just storage, and more important than ever
Download for an insight into these parallel developments and to understand what steps are needed to future-proof your archiving practice.