Two models for a Continuous Transaction Control system

[nurmohammadkhan]

Although CTC has been described up to now as if it were a single digital solution, this is not actually the case.

To get a clear idea of ​​how Continuous Transaction Control systems are malta whatsapp resource implemented (especially from the point of view of collection and control authorities), it should be underlined that in reality there are two different types of CTC , which are only apparently similar, but which in reality differ in the type of approach and are the “reporting model” and the “clearance model” (Source: Sovos).

The so-called reporting model consists of the periodic digital presentation, in real time or near real time, of reports containing company data through enabled platforms of the tax authorities. This presentation does not require approval by the central authorities for the recorded data and their continuous processing carried out at the company level to be valid from a tax point of view.

In contrast, the clearance model always provides for real-time or near-real-time control of business transaction data submitted electronically within the tax authority platforms , but whose approval is required concurrently or preliminary for certain data and their continuous business processing must be verified to be valid from a tax perspective.