Navigating the ever-changing landscape of regulations and accounting standards can be challenging for logistics companies. However, with the right technology and tools, such as CargoWise, you can maintain compliance and optimize your global operations.
CargoWise is equipped with robust accounting and financial management capabilities designed to streamline your financial processes while ensuring adherence to relevant regulations and standards.
We understand the importance of efficiency and compliance to your operations, which is why we have been working hard at work developing new features that will benefit you and your team.
Check out five of the latest accounting capabilities in CargoWise, from enhancements that enable more accurate eInvoicing submissions in India to simplified compliance book recording in Portugal.
New Fixed Place of Supply (FPOS) rules processing – INDIA
We have made improvements to our FPOS rules for customers operating in India. These enhancements will allow you to comply with local legislation when the place of supply is not a state in India or a country outside of India, but must be selected as ’97 – Other Territories’.
In most cases, the place of supply is determined by either the buyer's or supplier's location. However, in certain countries with VAT/GST systems, the place of supply can vary based on the type of services provided. This is where the concept of FPOS comes in. It means that the place of supply is fixed to the location where the services are delivered.
With our latest update, you can now easily set up defaulting rules specifically for 'Other Territories'. This allows you to automatically determine the correct FPOS for each charge line, ensuring accurate submissions for eInvoicing and more seamless compliance with local regulations.
Improved Standard Audit File for Tax Purposes (SAF-T) data export – NORWAY
We have recently enhanced how you generate your monthly or SAF-T financial data in Norway. Now, when you export financial data using CargoWise, you can rest assured that the exported files will automatically comply with the Altinn Government Portal's maximum file size limits.
In the past, users faced a challenge when their SAF-T files contained large amounts of financial data. The Altinn Government Portal would reject these files due to exceeding the maximum file size allowed. This meant users had to manually compress or split their exported data before attempting to upload it again.
Now with our latest enhancement, that hassle is a thing of the past. CargoWise takes care of compressing or splitting your Norway SAF-T financial data according to the official Government schema. This means you no longer need to manually intervene or perform any additional steps before uploading to the Altinn Government Portal.
Simplified compliance book recording – PORTUGAL
There’s now a simpler way to record the Series Validation Code assigned by the Portuguese Tributary and Customs Authority to a compliance book in CargoWise. Now, the 'Printing Authorization Number' field in the compliance book validates the length and format of the entered value, reducing errors and ensuring accuracy.
Why is this important? The Series Validation Code plays a crucial role in each invoice's unique ATCUD number that needs to be reported. It is a government-issued number provided by the Portuguese Tributary and Customs Authority once taxpayers inform them of the series they intend to use for assigning compliance numbers to Receivables transactions.
To make sure you enter the Series Validation Code correctly, CargoWise now validates the 'Printing Authorization Number' against the following criteria:
- The value must be a minimum of eight characters long.
- Only the following characters are allowed: capital consonant letters and numbers from two to nine.
- No spaces are allowed.
If the entered value does not meet these criteria, an error message will be displayed, and you won't be able to save the form. This validation step ensures that the Series Validation Code is recorded accurately, minimizing any potential mistakes.
Easier handling of negative charge lines – SAUDI ARABIA
We have simplified the process for transactions with negative charge lines when it comes to eInvoicing requirements in Saudi Arabia. Previously, such transactions would be rejected by the Zakat, Tax and Customs Authority (ZATCA). Now, transactions with negative charge lines are assigned a special eInvoicing status called 'BER – Batched with Error'. These transactions are not submitted for clearance, preventing any rejections, and saving you time and effort.
To ensure a smooth eInvoicing process and avoid such errors, we recommend making the following settings in your Saudi Arabia login company:
- Registries Accounting > Receivable Defaults > Default Settings: Set 'Negative Charges on Accounts Receivable Transactions' to 'NAL – Negative Charges Not Allowed'.
- Accounting > Job Invoicing: Set 'Allow Negative Revenue Charges on a Job' to 'No'.
New Tax IDs to drive compliance – GLOBAL
A range of Tax IDs have been extended in CargoWise, including:
- A new Tax ID in Pakistan – ST5 (5%) – recording certain types of sales transactions requiring a reduced sales tax rate, including forwarding services in the Islamabad Capital Territory.
- An update to the tax rate grid of the HICMT Tax ID to support Myanmar’s indefinite extension of a 15% Higher Consumption Tax Rate from 1 April 2023, as outlined in their recently published 2023 Union Tax Law.
- An update to the Tax Rate Grids of the VAT and CAPVAT in Zimbabwe to support the standard VAT rate change from 14.5% to 15%.