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Do your company's electronic tax invoices meet these legal requirements?

by , 27 June 2013
While you may take advantage of the convenience and cost-effectiveness of email and send tax invoices to your clients electronically, it's important to make sure you comply with all the requirements to keep your invoices valid. Read on to find out what these requirements are...

'The tax invoice is the most important link in the Vat chain and it's crucial that you get it right,' says The Practical Vat Loose Leaf Service.

And while, SARS accepts that tax invoices can be transmitted electronically, they do have certain requirements that must be complied with for the tax invoice to be valid.

Do you know what these requirements are?

Five requirements you must meet for your company's electronic tax invoices to be valid

#1: The recipients of the supply (your clients) must agree in writing that they're willing to accept electronic documents. You must keep this agreement for five years.

#2: The electronic tax invoices must contain the mandatory information like the words 'tax invoice' and 'Vat numbers'.

#3: The tax invoices must be transmitted in encrypted form of at least 128 bit encryption. This means the documents are secure and guards against fraud because it won't be possible for unscrupulous parties to interfere or tamper with them in any way.

#4: Both parties must retain these electronic documents and invoices for five years.

#5: The electronic document will serve as the original tax invoice. If printed out, it must contain the words 'computer generated copy tax invoice'. And no other tax invoice may be issued.

Ensure your company's electronic tax invoices are valid by complying with these legal requirements.

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