Are you worried about your company’s compliance with the new tax regulations? Don’t worry, Corcentric and Sovos have partnered to provide a complete end-to-end solution that removes the stress of regulatory tax compliance.
Continuous Transaction Controls
France, Germany, Italy and other countries are moving toward continuous transaction controls (CTCs), introducing mandatory e-invoicing coupled with e-reporting. These requirements can create a large burden on companies who are based in or do business inside countries adopting CTCs. Corcentric has partnered with Sovos to remove the worry of compliance with all new regulations.
CTC Definition + Architecture
Transaction data must be electronically submitted to a tax authority platform before (clearance), during,
or immediately after the actual exchange of each invoice between the trading parties.
* In some countries, the invoice may remain paper-based (e.g. Philippines or Poland voluntary phase), these schemes are named ‘CTC Reporting’.
Benefits of Using Our Solution
- Adopt a modern, global VAT (Value Added Tax) strategy
- Support your digital transformation
- Stay in control of your costs and compliance
- Turn tax obligations into opportunities
Deadline for Compliance
For large companies in France, the deadline for compliance is July 1, 2024. This looming deadline and the impending requirements create extra work and greater risks for companies who want to follow the compliance regulations. As other countries adopt CTCs, deadlines will be important to follow.
Invoice Automation + Tax Compliance
Corcentric brings a complete invoice automation product to the table, enabling your business to process even the most complex invoices through to payment. Sovos, an industry leader in tax compliance, provides tax compliance solutions that meet every need in almost any country around the world.
Tax + E-invoicing Compliance FAQs
What is E-invoicing compliance?
Many countries, including France, are now moving towards post-audit Continuous Transaction Controls (CTCs), introducing mandatory e-invoicing coupled with e-reporting to government portals.
What are CTCs (Continuous Transaction Controls)?
The term is used to describe mandatory “real-time” invoice reporting and validation by the tax authorities through e-invoicing or transaction listings.
Why are new regulations being introduced?
France, Germany, Italy and many other countries implementing CTCs hope to fight fraud and bridge the VAT gap, monitor the economic activity in the country, move to paperless submission to governmental authority, and increase efficiency and automate part of the VAT reporting process.
Who is affected by these new regulations?
From July 1, 2024, all large companies headquartered or with established operations in France will have to accept e-invoices issued according to the CTC (Continuous Transactions Control) system by their suppliers.
What is PDP (Partner Dematerialization Platforms) or PPF (portail public de facturation)?
Invoices will now be required to pass through one of two platforms: PPF (Fr: portail public de facturation) or Chorus Pro, and PDP (Fr: plateformes de dématerialisation partenaires), which are platforms that will be accredited by the tax authorities. This is the service we provide in partnership with Sovos.
How does this change the invoicing process in France?
The exchange of invoices will be channeled from sellers to the buyers based on their SIREN or SIRET via the platform of their choice – either PPF or PDP.
Who is responsible for payment e-reporting?
The seller will be responsible for reporting the invoice and payment status to the appropriate authorities.