e-Document Framework in Colômbia
Many Latin American countries have strict billing and tax filing regulations for companies operating in the region. The newest country with upcoming e-invoicing requirements is Colombia.
The country is preparing to mandate its own specific requirements. With these new regulations, companies that declare and pay VAT in Colombia must issue electronic invoices, which means that organizations doing business will need to implement new processes and technologies to avoid fines and penalties. The country has outlined the following for companies that need to comply with this mandate:
- Companies that requested numbering ranges (folios) for eInvoicing during the last five years and invoice less than 3M invoices per month will have to adopt eFactura by June 29, 2018.
- Any company within the list of big contributors (grandes contribuyentes) will have to adopt eFactura by September 1st, 2018.
- Companies that requested numbering ranges (folios) for eInvoicing during the last five years and generate more than 3M invoices per month, eFactura is mandatory as of September 29, 2018.
- eFactura is mandatory as of January 1st, 2019 for all taxpayers who declare and pay VAT in Colombia
These requirements will affect various organizational areas, including accounting, logistics and human resources, making it potentially complex to comply with any initiative.
Origen Technologies can help with the implementation of SAP’s eDocument Framework solution to handle electronic invoicing and fiscal reporting in Colombia and throughout Latin America to meet the region's regulatory demands for companies that run SAP.
Origen can help you:
• Overcome the impact of this legislation on your internal finance and IT teams
• Learn how multinationals can start preparing in advance to meet the deadline
• Avoid potential risk for fines, audits, operational disruptions and IT challenges to comply with this requirement
• Implement electronic billing procedures that can help you save money by automating processes and creating efficiencies streamlining your business environment
Would you like to learn more? Please contact us: email@example.com