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Bolivia resumes e-invoicing plans, in line with global VAT trends

Bolivia is proceeding with mandatory e-invoicing for certain businesses. The country’s authorities had halted their plan to introduce e-invoicing due to the disruption of the Covid pandemic. At the time, Bolivia’s tax authority did specify a date at which e-invoicing would resume. However, most analysts had expected the plan would eventually continue. 

Who must comply with Bolivia’s e-invoicing requirements?

According to the current proposal, mandatory e-invoicing applies to a specified list of major companies. Authorities also specify that certain ‘main private taxpayers’ must comply with the new e-invoicing rules. The e-invoicing requirement takes effect from December 2021. 

However, other entities should not be complacent. Bolivian authorities will extend the obligation to new businesses over time.

Even smaller businesses should therefore consider investing in digital tools that make invoicing and VAT compliance simpler and more cost-effective.

Businesses around the world should prepare for change

Bolivia is hardly unique in postponing important changes to VAT compliance policy. The Covid pandemic disrupted many existing programmes, and in some cases even forced local tax authorities into adopting new policies. 

For instance, tax authorities in Greece postponed e-invoicing more than once, due to the pandemic. 

With authorities now scrambling to make up for lost time, taxpayers need to ensure they have effective, adaptable VAT compliance technology to help them adapt to change. 

Businesses should note that, far from an ad hoc uptake in digital VAT compliance, we are seeing nothing less than a shifting paradigm to digital compliance

The good news: with the right systems and processes in place, VAT compliance actually becomes easier to achieve. 

A digital VAT compliance solution for a digital world

Vatglobal’s proprietary VAT technology makes global VAT compliance easy. Our powerful digital tools integrate with your current software, making electronic filing easy and efficient. Plus, Vatglobal’s team of VAT experts is always on hand to provide guidance and support. 

 

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