Dec 2024 Voluntary launch B2G of e-invoicing system
Cambodia’s General Department of Digital Economy (GDDE) has launched on 12 December 2024 voluntary registrations for the central e-invoicing system for B2G. It is used for the process of sending and receiving invoices in electronic form between sellers and buyers without the need for printing.
Whilst initially voluntary, it is hoped to go mandatory for B2B sometime in 2025. It will then be extended to B2C.
The platform enables real-time validation of VAT data, providing tax authorities with improved capabilities to track and monitor taxable transactions efficiently. The initiative commenced on December 12, with businesses and tax representatives being invited to register voluntarily.
Designed for scalability and inclusivity, the system supports businesses of all sizes, offering the flexibility to transition to electronic VAT invoicing at their own pace. GDDE encourages participation, highlighting the platform’s substantial benefits:
- Cost reduction: Businesses can achieve up to 90% savings on invoice processing costs.
- Seamless ERP integration: The system integrates easily with Enterprise Resource Planning software, enhancing workflow automation.
- Improved audit readiness: Digital record-keeping simplifies compliance and VAT audits.
- Accessibility and flexibility: Users can manage e-invoices anytime, anywhere via internet access.
The system fosters collaboration between stakeholders, streamlining the invoicing lifecycle while boosting operational efficiency and transparency. By digitising invoicing, it also ensures scalability and minimal disruption, supporting businesses through growth and operational changes.
You can keep up-to-date with VAT Calc’s global live VAT invoice transaction and e-invoice blog on country real-time reporting reforms.
