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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:
  • Posting Journal (Libro de Diario del Mes)
  • Detailed Trial Balance (Mayor de Cuentas)
  • Trial Balance Reports (Mayor, Estado de Resultados, Balanza)
Other Requirements:
  • Inflation Accounting
  • Official currency rate to be used for transactions

VAT/Tax Requirements

Applicable Types
  • VAT (deferred/unrealised until payment) (IVA)
  • Import VAT
  • Withholding income tax and VAT(Retenciones)
VAT/Tax Books:
  • Customer and Vendor Listing of Transactions (annual)
VAT/Tax Documents:
  • Government Invoice templates
  • e-Invoice with hash-keys and barcode
Other Requirements:
  • Rules about Invoice Numbering
  • Seperate accounting of imports for authority check of margins

Usual Business Requirements

  • Electronic payments of vendors
  • 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.