Promotion and Extension of an Electronic Invoice in Colombia

closed

General objective: To strengthen the Colombian private sector¿s competitiveness and the country¿s tax and customs administration¿s capabilities, and to promote the country¿s regional integration by boosting and spreading the electronic invoice system, with a particular focus on the exports sector, the regional supply chains, and small- and medium-sized enterprises. Specific objectives: - To improve the utilization of the benefits granted by trade agreements and to promote the inter-operability of electronic invoicing systems, including the exporter invoices, in particular in the context of the Pacific Alliance. - To align the country with the use of international standards, particularly in tax, customs, and international trade facilitation aspects, bearing in mind Colombian commitments under its OECD accession process and the Pacific Alliance, as well as future challenges associated with the US FTA. - To strengthen risk management against evasion, circumvention, and contraband, and to facilitate taxpayers¿ compliance with tax and customs obligations. - To decrease accounting costs, costs related to the issuance and sending of invoices, and processing times for the private sector, and to increase efficiency of processes. - To facilitate the use of electronic ¿factoring¿