Chile imposes electronic VAT invoices
- 21 January 2014 | Richard Asquith
The new 2014 VAT compliance act has introduced a number of changes to the Chilean VAT regime.
Compulsory electronic invoices
All taxable businesses must now only provide electronic invoices, credit notes etc. This will come into effect from 1 September 2014.
THe only exception is where companies can demonstrate no or poor web access. For the timing being, delivery and goods received notes can be either electronic or paper. Businesses are permitted to retain these documents long term in paper form.
Payments by bank credit or debit cards will no longer have to be supported by a separate sales invoice is the payment details receipt holds the necessary normal invoices requirements. This exemption will come into force from 2015.
Recipients of services shall be entitled to deduct input VAT on electronic invoices on condition that they also produce a written goods or services receipt acknowledgement.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.