Definition
The Digital Invoice Customs Exchange (DICE) is a revenue protection idea developed to prevent tax evasion methods such as sales suppression in domestic trade and missing trader fraud, transfer pricing in cross-border trade. As such, the implementation of this idea enables Revenue Authority to have advance notice of every commercial transaction.How it works
A seller produces digital invoice containing minimum requirements as follows:- Name of the seller with unique Taxpayer Identification Number;
- Name of the purchaser with unique Taxpayer Identification Number;
- Description of good/service;
- Unit price;
- Quantity;
- Tax rate;
- Total price with tax.
Such prepared invoice, along with proper authentication of the seller, is uploaded to the Revenue Authority server (seller's jurisdiction) using DICE protocol for safekeeping and signature processing. Based on the information provided by the seller, system will apply verifiable electronic signature and send it back in the same way as it was received. Seller will include electronic signature received in return to finalize invoice before dispatching it to customer who may verify the content of the invoice at any time by checking the signature using Revenue Authority's or DICE's web portal. Read more...
