Saturday, December 9, 2023

Deloitte holds a seminar on the implications of electronic invoicing in the country

The electronic billing in the Dominican Republic it is a reality. For this reason, Deloitte in the country held the seminar “Electronic Invoice: practical implications of its implementation in the Dominican Republic”, where international experiences and the local context were addressed.

The electronic invoice will imply changes in the management, controls and systems for the Dominican companies.

The speakers were Carla Coghi, Managing Partner for Central America, Panama and the Dominican Republic of Deloitte Spanish Latin America; Marguerite Brown, Tax and Legal Services Partner at Deloitte Dominican Republic; Bryan Mora, Tax and Legal Services Partner at Deloitte Costa Rica, Honduras and the Dominican Republic and Richard Troncoso, Lead Partner of the Tax and Legal Services practice at Deloitte Dominican Republic.

The specialists detailed each of the edges of electronic invoicing and what is expected in the Dominican Republic and also reviewed international experience.

The initial talk was called: “Electronic invoice in the global context: experiences in other countries and lessons learned for the Dominican Republic”, by Carla Coghi, Managing Partner for Central America, Panama and the Dominican Republic.

During his presentation he explained that the tax administrations They have been evolving towards the use of electronic means, because these tools maximize the productivity of companies, strengthen fiscal control and favor the management of public administration.

Likewise, he stated, as an example, that since 2003 in Latin Americaspecifically in Chile, the electronic invoicing process began.

“Electronic invoicing should be considered as the gateway to a broader process of digital transformation, which will represent a reduction in operating costs, will strengthen the degree of formality within companies, as it provides a greater degree of security. in the management of information, which will not rest in paper files, but in several virtual folders that will have a computer backup.

In this sense, organizations must be aware of and comply with the regulations, select reliable providers, train the user and business partners, in addition to having data security and backup, monitoring and continuous compliance”, stated the managing partner, who has more 25 years of experience in tax consulting.

For her part, Marguerite Brown, Tax and Legal Services Partner at Deloitte Dominican Republic, spoke about the “General and tax considerations for the implementation of electronic invoicing in the Dominican Republic”, and explained that implementing electronic invoicing will also mean progress for the economy, since it will modernize the Tax Administration (due to the digitization of processes), it will promote transparency and facilitate tax compliance for taxpayers.

During his speech, he pointed out that since 2019 the electronic tax receipt (e-CF) has been introduced, with the introduction of General Standard 05-2019 and later General Standard 01-2020.

He also explained some basic concepts such as: electronic tax receipt number (e-CF), XML format, QR code, response number (TrackID), electronic invoicing (FE) service provider, printed representation (RI) and digital certificate of tax procedure; key elements to understand how a correct issuance, reception and accreditation of an e-CF works.

In addition, he spoke about the entry deadlines for each type of taxpayer and the tax facilities granted by the Law for those who implement electronic invoicing prior to the deadline that will be required.

For his part, Bryan Mora, tax and legal services partner at Deloitte Costa Rica, Honduras and the Dominican Republic spoke on “Risk and control aspects for the implementation of electronic invoicing: what companies should consider in their internal processes.”

The partner, who was in charge of the electronic invoice implementation services at Deloitte Costa Rica, highlighted the management of the General Directorate of Internal Taxes (DGII), when preparing, supervising and evaluating the authorized providers to provide electronic invoicing services, a task that other countries did not consider from the beginning.

The expert explained the control and risk tools that companies must take into account, such as: clarity in the implementation deadlines, definition of the team, management and authorization roles, structure of the electronic invoice and evaluation of the reading of the authority. fiscal.

Likewise, Mora emphasized that the entities must have post-execution monitoring of electronic invoicing, which includes the implementation of automated models for the reconciliation of internal information, diagnostic tests of the operation and contractual elements on the continuity of the electronic invoicing system.

While, Richard Troncoso, Lead Partner of Deloitte Dominican Republic’s Tax and Legal Services practice, pointed out that electronic invoicing modernizes and makes billing processes efficient, facilitates tax compliance, reduces transactional and operating costs, and also promotes fair competition. between economic agents. In addition, this new modality increases the productivity of companies, expands electronic commerce and strengthens control of fraudulent invoices.


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