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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:

  • Posting Journal (Diario General)

Other Requirements:

  • Inflation Accounting (if inflation exceeds 12% – can currently be avoided)
  • Official currency rate to be used for transactions
  • Inventory valuation according to last purchase price or market value – in many cases valuation according to IFRS can be accepted

VAT/Tax Requirements

Applicable types:

  • VAT (IVA)
  • Import VAT
  • Sales Tax (Los Ingresos Brutos)
  • Withholding tax on payments (Ingresos directos – Regimen de retenciones)

VAT/Tax Books:

  • VAT Ledger of purchase and sales (Subdiario IVA de Ventas / Compras)
  • Electronic detailed Sales Tax Reporting (Percepcion IIBB declarar)
  • Electronic WHT Ledger (Sicore)
  • Electronic VAT Ledger purchases (Citi Compras)

VAT/Tax Documents:

  • Government Invoice templates
  • Withholding tax letter (Retencion Certificate)

Other Requirements:

  • Rules about special Invoice Numbering

Usual Business Requirements

  • Future dated checks


Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.


DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.