Invoicing and Tax regulation in Bissau
Invoicing Regulation in Bissau
In Bissau, invoicing is a required component for businesses across all sectors, be it b2b, b2c, or b2g. All invoices must clearly stipulate the details of the goods or services rendered, along with accurate costs. In accordance with the business law in Bissau, invoices must also record the VAT charged.
Real-Time Reporting / Fiscalization in Bissau
Real-Time reporting or fiscalization is not mandatory in Bissau. However, businesses are encouraged to conduct it as a best practice. It involves the immediate documentation and declaration of transactions for the purpose of accounting accuracy and transparency, though it's not legally enforced.
E-Invoicing in Bissau
As of now, e-invoicing is not a compulsory requirement for businesses operating in Bissau. This method of invoicing is, however, becoming increasingly more prevalent, being acknowledged for its convenience and efficiency, especially in terms of reducing paper consumption.
VAT/GST/Tax Compliance in Bissau
In Bissau, VAT, commonly known as IVA, is a crucial part of tax compliance for businesses. As a compulsory requirement, it stands at a standard rate of 15%. All goods and services are subject to this VAT rate, with very few exceptions. Hence, businesses need to be conscientious about incorporating these tax regulations into their operations to ensure adherence to the country's rules around tax compliance.