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Honduras improves VAT invoices and control environment

  • VAT
  • 27 June 2014 | Richard Asquith

Honduras improves VAT invoices and control environment

Honduras’ VAT (Impuesto sobre Ventas) system was updated for new invoice and administration requirements.

Anti-fraud measures

Generally, invoices and credit notes are required for all taxable supplies of goods or services. To enable some flexibility for smaller retailers, the government does permit the use of electronic cash registers. These new measures are aimed at reducing potential VAT fraud. They came into force in May 2014. They include:

  • All taxable persons must now keep detailed accounting records to support their invoices
  • Detailed control measures for producing VAT invoices for all transactions
  • Procedures to apply for approved tax invoice printers from the fiscal registrar
  • These changes follow similar Mexican VAT invoice changes which have been a big success at clamping tax fraud.

VP Global Indirect Tax
Richard Asquith
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.