01 September 2015

EC rule changes to give boost to e-invoicing

29 January 2009  |  8158 views  |  0 EU building, Brussels

The European Commission has agreed to proposals for a new set of rules designed to eliminate the current barriers to e-invoicing in the VAT Directive by treating paper and electronic invoices equally.

The Commission says the aim of the rule change is to increase the use of electronic invoicing, reduce burdens on business, support small and medium sized enterprises (SMEs) and to help tackle fraud.

László Kovács, commissioner for taxation and customs, says: "Today's important initiative will put forward much simpler, more modern and comprehensive rules for invoicing, whilst allowing tax administrations effective means of control. Paper and electronic invoices will be treated equally which will allow businesses to move to a 100% e-invoicing system and to save up to 18 billion euros across the EU".

He says the proposal not only addresses the VAT obstacles which hamper the up-take of electronic invoicing, but it also addresses difficulties that businesses face in respect to the electronic issuance and storing of invoices, as well as discrepancies of the content of invoices.

The Commission says it will remove the pre-conditions of advanced electronic signatures or electric data interchange (EDI) for sending invoices electronically and allow for the electronic storage of invoices - even if the original invoice is in paper format.

The Euro Banking Association and an EU Commission Expert group are currently researching the market for e-invoicing and the potential for wider banking industry involvement.

In the corporate market, banks see potential for generating additional revenue by integrating e-invoicing with existing cash management, supply chain and financing services.

Financial messaging network Swift has been consuklting with its membership about the potential provision of an interbank e-invoicing exchange network and the creation of a banking industry wide standard.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

28 November, 2008
12 November, 2008
16 September, 2008
12 September, 2008
17 June, 2008
24 September, 2007
30 August, 2007
27 June, 2007

Related company news

 
Your browser is unable to support Flash files.

Who is commenting?

Top topics

Most viewed Most shared
SunGard system glitch causes havoc for BNY...
7086 views comments | 14 tweets | 12 linkedin
Third of Brits expect day-to-day mobile pa...
6863 views comments | 36 tweets | 13 linkedin
Kenya's NIC Bank links to Twitter and What...
6218 views comments | 27 tweets | 17 linkedin
Payments UK sets out vision for 'world cla...
6008 views comments | 17 tweets | 10 linkedin
HSBC glitch leaves thousands of customers...
5749 views comments | 13 tweets | 7 linkedin

Featured job

Basic £90-110K OTE circa £200K NO CEILING
London based with substantial travel in Scandinavia

Find your next job