Chile is an early adopter of pre-filled Value Added Tax returns on the back of its DTE e-invoicing program. Its new regime came into force in August 2017.
DTE now manages over 600 millions for over a million taxpayers. The Internal Revenue Service (SII) used this as an opportunity to start producing draft VAT returns, and is now close to 90% adoption. This effectively offered a replacement for the Form 29 VAT return submission. Check out the countries that have implemented pre-filled VAT / GST returns around the world.
Pre-completed returns include:
- VAT sales and purchase invoices, including credit notes, for the period
- Withholding VAT by the taxpayer on customer’s invoices
- Coding for purchases
- Credit balances brought forward
- Online tools to help add to the return and make adjustments
- Advanced connectors to facilitate exchange of live data
The electronic invoice has also led to a deepening of the knowledge of taxpayers and the causes that explain non-compliance with tax obligations and to implement treatment actions that aim to resolve such causes in a manner proportional to the seriousness of the breaches detected. This management model uses data analytics that indicates behavior patterns, identifying the default gap map, the Global Risk Classification, and the Specific Risks Classification.
Completing or adjusting VAT returns can be challenging. VAT Calc’s single platform VAT Filer can accurately complete any country filings with verified transactional data from our VAT Calculator or VAT Auditorintegrated tools.
How VAT Calc saves your business money and time
| The world's only single application for VAT calculation AND filing for all businesses | |
| 1. An end to costly and protracted implementations - ready to go for any business | Traditional VAT engines require a lot of manual custom rules to be created for you by tax consultants to cover the detail in the determination for your specific business model. This means months and years of frustrating and costly implementation. VAT Calc is built on the country tax laws, EU VAT Directives and global OCED guidance and so it requires only the data from the transaction to make a full and accurate calculation. This means huge time savings, reduced risk of human error and the end to expensive support and dependancy on designing and maintaining custom rules. We already have all the complexity of any use case ready-to-go out of the box: triangulation; 2021 EU ecommerce reforms; gig & sharing economy taxes; customs and warehouse exemptions and the rest of your wish list. |
| 2. Cut in-house tax research or expensive external advice | Our Calculator tool is built on all of the global tax laws - which you can modify without outside support - so every business transaction – B2B, B2C, goods or services - is already covered. You can simply modify them without IT support to your business model. |
| 3. Save on the VAT or GST returns process with world's only single calculation and returns platform | Since our VAT Calculator determination service is on the same application platform as our VAT Filer service there is no requirement for yet another system purchase, implementation and outside support. In VAT Calc invoices calculated by the Calculator can automatically post to the relevant boxes on all applicable returns in our Filer service. |
| 4. Transparent business and audit tax defence | Full details on calculations via our unique local country and EU Directive legal citation - detailing transaction type, country of taxation, exemption and any VAT registration obligations - for every transaction. Whether debating with your customers, suppliers or the tax authorities on the right invoice or return outcome, you won’t be paying too much tax anymore. |
| 5. Save staff time on Accounts Payable invoice checks | With VAT being applied by the AR or AP clerk, the in-house VAT time must spend huge amounts of their time checking the invoice’s accuracy retrospectively to avoid mis-declaration. VAT Calc returns the correct VAT treatment in real-time as the invoice is booked, freeing up the VAT team during busy filing cycles and for more strategy projects. |
| 6. Consolidate and reduce cost for multiple accounting and tax teams and business divisions | Attempting to keep track and manage VAT or GST internationally is hugely expensive and leaves the business vulnerable to errors, audits and fines. VAT Calculator enables you to centrally set the tax rules, policies and freedoms for otherwise disparate and siloed businesses within your group, and helps support remote staff with live tax automation |
| 7. Instantly spot and correct errors | Backed by VAT Calculator’s extensive automatic VAT checks, which highlight missing details which may mean an incorrect tax calculation. You can live edit these, based on VAT Calculator’s proposals from the source legislation, and ensure business processes aren’t interrupted and time lost. |
