Cellular Investors Association Discusses Implementation of National Invoicing System
30-10-2024 01:21 PM
Ammon News - The Vision Association for Mobile Devices Investors held a forum to discuss the National Invoicing System, focusing on its implementation, benefits, and potential penalties for non-compliance. The session brought together board members and various traders from the cellular sector.
During the event, attendees emphasized the critical role of electronic invoicing in promoting financial transparency and safeguarding companies' rights. The discussion also covered the legal repercussions for those who fail to comply with the new system.
Ahmad Alloush, President of the Association, highlighted the Association’s commitment to educating its members and providing the necessary support to ensure the system is implemented effectively.
He noted that adopting the National Invoicing System is not just a legal requirement; it’s a significant step toward improving trust and transparency in the commercial landscape, ultimately enhancing the investment climate and boosting consumer confidence.
Tax consultant Basel Sultana addressed the challenges businesses face in adopting the new invoicing system. He explained that companies must ensure their invoices are validated and recorded promptly on the tax authority’s website by the end of the fiscal year.
Sultana stressed that adherence to the invoicing system is crucial for maintaining the integrity of financial reporting. It allows tax auditors to verify sales and purchases with ease, protecting companies from potential discrepancies.
He warned that businesses that neglect the invoicing requirements could find it difficult to prove their actual sales, risking hefty fines or penalties. Additionally, he pointed out that effective invoicing helps streamline expense management and simplifies the tax declaration process.
Sultana noted that many issues companies face revolve around sales and purchases, with operational costs being a smaller fraction of overall expenses. Proper implementation of the invoicing system can significantly reduce tax-related risks and increase governmental trust in financial declarations.
He also cautioned that starting in 2025, regulations against tax evasion will be tightened, leaving little room for companies that fail to comply with the National Invoicing System.