The Mauritius Revenue Authority has come forward with the implementation of an e-Invoicing project.
E-Invoicing is a process of generating invoices and associated documents in electronic file format which allows the transfer of billing information between the seller, the tax authority, and the buyer. It comprises the Electronic Billing System (EBS) and the Invoice Fiscalisation Platform (IFP).
Following the amendment to the Value Added Tax Act, businesses are now required to connect electronically to the MRA’s system for registering all invoices, including debit notes and credit notes. The project will be implemented in phase, starting from big companies, and then moving on to small companies.
This pioneering project has various advantages for the business community, such as enhancing the automated processing of invoices, fast track VAT refunds, pre-filled VAT returns, promoting voluntary tax compliance, containing the informal sector as well as promoting a friendly environment by implementing paperless e-storage of invoices.