E-reporting regulations added to the knowledgebase
E-filing and SAF-T regulations will be added soon
August 12, 2024
The team at ElectronicInvoicing.Global (EIG) is excited to announce the addition of e-reporting regulations to their comprehensive knowledgebase. For years, EIG has provided the most detailed and structured information on e-invoicing regulations for over 130 countries. Responding to numerous customer requests, EIG is now expanding its knowledgebase to include e-reporting legislation – more precisely: e-filing and SAF-T.
E-reporting definitions
Electronic reporting, or e-reporting, refers to the digital submission of data and information required by regulatory, financial, or administrative bodies. E-reporting includes various forms, each tailored to specific reporting needs across industries and sectors. Here are several key types of electronic reporting:
- Electronic Health Reporting (EHR)
- Electronic Financial Reporting (EFR)
- Electronic Tax Reporting
- Electronic Compliance Reporting
- Electronic Labor Reporting
Our clients are currently testing the structured information for the first countries
Each system aims to enhance data management efficiency and ensure compliance with regulatory standards. As technology advances, e-reporting tools become more sophisticated, offering improved data analysis and real-time reporting capabilities.
The type most closely related to electronic invoicing is Electronic Financial Reporting (EFR). E-invoicing, a subset of EFR, involves the exchange and processing of invoice documents between a supplier and a buyer in an electronic format. This process streamlines financial transactions, speeds up billing processes, and ensures better compliance with financial regulations.
Scope and Purpose e-reporting
E-reporting involves the electronic submission of various types of financial and tax data, including value-added tax (VAT) returns, corporate tax returns, payroll data, and other regulatory e-filings such as the Standard Audit File for Tax (SAF-T). The primary purpose of e-reporting is to enhance the efficiency and effectiveness of tax collection and monitoring by leveraging digital technologies.
The European Union (EU) has established several directives and regulations to standardize and enforce e-reporting across member states. Notable examples include VAT In Digital Age (VIDA) and the Directive on Administrative Cooperation (DAC). These regulations mandate the use of electronic reporting for specific types of transactions and data, aiming to reduce fraud and ensure proper tax compliance.
Technological standards and compliance
E-reporting in the EU often involves the use of standardized formats such as XML (eXtensible Markup Language) or XBRL (eXtensible Business Reporting Language) to ensure consistency and interoperability. Specific technical guidelines ensure that data submitted electronically is accurate, secure, and compliant with EU standards.
Countries are responsible for implementing and enforcing e-reporting requirements within their jurisdictions. This includes providing the necessary infrastructure and support for businesses to comply with e-reporting obligations. Non-compliance can result in penalties, fines, and other enforcement actions.
Integration into the EIG knowledgebase
Based on the customer request, the EIG team decided to focus on SAF-T and e-filing. Staying ahead with SAF-T and e-filing regulations is – next to its mandatory status in several countries – crucial for its users, here are some of these reasons:
- Enhanced Compliance and Standardization
- Streamlined Audit Processes
- Improved Efficiency
- Reduction in Errors
- Future-proofing
- Interoperability and Cross-Border Transactions
Currently, some of EIG’s clients are testing the structured information for the first countries. Once this testing phase is completed, the initial dataset will be published. Following this, data from each country will be systematically added to the knowledgebase. EIG users will automatically receive notifications when new data becomes available.
Get in touch.
Do you have any questions regarding our knowledge base or would you like to know more about our services? We are ready to help you. Your success is our priority, and we look forward to working with you.
