Basware strengthens global compliance as French tax authority selects key partners to support businesses in e-invoicing transition
PARIS, Sept. 3, 2024 /PRNewswire/ -- Basware, a global leader in accounts payable (AP) automation and invoice processing, has been officially registered as a Partner Dematerialization Platform (PDP) by the French Tax Authority General Directorate of Public Finance (DGFiP).
By September 1, 2026, all businesses in France that are subject to VAT / TVA tax will be legally required to send and receive invoices electronically. The mandate aims to enhance transparency, reduce tax evasion, and improve efficiency in financial transactions. The French government estimates that this could recoup €3bn per year from businesses for incorrect tax claims.
To support the transition to e-invoicing, Basware helps enterprises automate their accounts payable processes by matching, approving and processing invoices at scale, ensuring that businesses can comply with new regulations while optimizing their financial operations.
As part of its commitment, Basware is a member of the PDP working group, set up by the French Tax Authority DGFIP, helping to implement the new mandate and support French businesses as they transition to e-invoicing. This transition poses significant changes for businesses in adapting their existing financial systems and processes. The PDP initiative is a platform that aims to provide support and solutions to ease this transition.
Markus Hornburg, SVP, Global Compliance at Basware commented on the registration from the French government:
"E-invoicing is no longer an option, it's an obligation and a cost driver. However, many businesses are concerned about the complexity of compliance and the potential disruption to their operations. Businesses need a global service provider to help them remain compliant with evolving e-invoicing legislation and streamline their digitization projects to deliver cost savings. France is one more puzzle piece in our global compliance map and it is more than just mandates; it involves important areas such as financial reporting and creating easily traceable audit trails. We have delivered this service in the past and will continue to do so in the future. We prefer digitization projects to be something customers want to do, rather than have to do, and we're here to make the entire compliance process easier. The time to start transitioning is now."
France joins a growing list of countries implementing mandatory e-invoicing. Each country will have its own specific requirements, timelines, and technical standards for e-invoicing. This creates a need for companies to stay informed about regulatory changes and adapt their processes accordingly. The European Commission says that the move to e-invoicing will help reduce VAT fraud by up to €11bn per year and bring down admin and compliance costs for EU businesses by over €4bn over the next ten years.
Basware has ramped up its commitment to supporting businesses with digitized invoicing, already covering over 50 e-invoicing mandates. With the registration in France, as well as recently having gone live in Malaysia under the Malaysia Digital Economy Corporation (MDEC), Basware offers compliant e-invoicing invoicing services globally.
Basware holds 40 years of deep expertise in mandates, laws and requirements across the globe through its Global E-Invoicing Compliance Map and compliance solutions.
About Basware????
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency - in a matter of months - while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That's why the world's most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.???
Photo - https://mma.prnewswire.com/media/2494952/Basware_PDP_Status_France.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/basware-officially-registered-as-pdp-service-provider-as-french-businesses-prepare-for-mandatory-e-invoicing-302236745.html
