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Three of the most influential economies in Latin America have got together to launch a pilot programme on exchanging digital invoices.
Argentina, Brazil and Mexico have together started an initiative which examines how to effectively exchange digital invoices. The idea is to fully exploit the full powers of e-billing, helping stimulate cross-border B2B trade which it is reckoned will be worth over $50 trillion by 2019.
The initiative is called the E-Invoicing Platform.
Three of the country’s major institutions recently met to consider how e-billing across borders can be facilitated. They were the Federal Public Revenue Administration of Argentina, the Federal Revenue of Brazil and the Tax Administration Service of Mexico.
The aim with the E-Invoicing Platform is to create a central system that allows the exchange of government-compliant invoices between the various parties involved. Observers say that the platform is likely to be modelled on the International Electronic Invoice (FEI) which includes, for each bill, a standard set of data.
The Inter-American Center of Tax Administrations would act as the central body through which buyers and suppliers process their invoices. They are also developing a software application to handle the invoicing processing.
The use of e-invoicing is growing rapidly throughout the region and in Mexico alone, adoption is up 25%.
The participating partners hope to bring in other countries within the platform, including the US and Canada, all designed to create a market-leading platform for multinational B2B trade.
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Photo: Image courtesy of pakorn at FreeDigitalPhotos.net
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