700 new companies sign up for e-invoicing in Uruguay
As of 1 July, more than 700 new businesses will join the electronic billing scheme in Uruguay. The mandatory nature of the move is set forth in Resolution 4355/2014, issued on 26 November 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 we are talking about larger sized companies.
In 2014, roughly 1500 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 this year, the figure is expected to rise to 50%. These figures would make Uruguay one of the top 10 states in e-invoicing internationally.
Since 20 August 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.
CFE issuing solution
EDICOM has designed an International e-Invoicing Platform that allows users to issue CFE in line with the requirements set forth in the legislation in Uruguay. This solution streamlines the process, boosts productivity in businesses and increases cost savings.