Do you need to invoice businesses in South Africa?
If you answered yes, you may need electronic invoice processing.
Transalis eInvoice™ is a trusted provider of digital invoice processing with companies in South Africa
More and more countries, including South Africa, are looking for new ways to streamline their processes, eliminate tax avoidance and collect more VAT. Already across the EU, government and public sector organisations are required to use B2G eInvoice processing, and B2B suppliers are being encouraged do the same.
An eInvoice solution from Transalis will streamline your invoice processing with trading partners in South Africa.
- Reduce time spent on administrative tasks
- Improve accuracy and minimise disputes
- Remain compliant with complex cross-border regulatory and tax requirements
- Automate invoice validation
- Speed up the entire billing process
eInvoicing in South Africa
eInvoicing with Transalis eInvoicing in South Africa
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South Africa eInvoicing regulations
September 12 2023
SARS opens discussion on e-invoicing and digital VAT reporting
The South African Revenue Service (SARS) intends to announce real-time reporting of VAT invoice data to ease the VAT return process.
On 8 September 2023, the South African Revenue Service (SARS) published the Discussion Paper intended to simplify and modernize the current VAT system.
To achieve this, SARS unveiled public consultation on real-time reporting of VAT invoice data to ease the VAT return process.
How would the model look?
The VAT data acquired from the issued/received tax invoices or electronic tax invoices and made/received payments processed in the accounting data system will be digitally transmitted to SARS, i.e., manual portals, cash receipt devices.
The data is to be transmitted on a near-real-time (RTR) basis. The transmission must occur within a 24-hour period by the subsequent reduction of this period to 6-hour and 1-hour data reports.
The RTR transaction report will be used to pre-fill VAT returns for taxpayers. Taxpayers will still be required to report VAT data for VAT return purposes before the due date.
The implementation of digital VAT data transmission is planned over the period of 5 years.
What has SARS learnt from the international experience?
SARS researched and analyzed electronic invoicing introduction and implementation in 11 countries and the recent developments under the VAT in the Digital Age (ViDA) proposal within the EU.
After reviewing the various experiences, SARS is aiming to meet certain requirements:
• Announcing 5-year requirement for recordkeeping.
• Introducing new platforms capable of processing and storing large amounts of data.
• Building an efficient e-invoice validation system and process.
• Imposing penalties for non-compliance.
• Building a secure system capable of withstanding possible cyber-attacks.
• Implementing e-invoicing on a gradual basis starting with large taxpayers.