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Bo Harald

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Bo Harald - ZEF and Real Time Economy Program

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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

What is your country doing?

16 April 2010  |  3557 views  |  0

From Bruno Koch’s newsletter:

“3. EU Council agrees on draft Directive regarding E-Invoicing requirements

It is the objective of the European Ministers of Finance (ECOFIN) to harmonize and simplify the European VAT invoicing rules. On March 16, 2010 they agreed on draft Directive amendments. If the European Parliament approves the proposed change (most likely on April 21st), the EU member states will have to implement the changes into national legislation not later than the end of 2012.


4. Deadline for many Brazilian companies to support E-Invoicing

April 1st 2010 was the deadline for many Brazilian companies to support the tough new requirements for E-Invoicing, called Nota Fiscal Electronica (NF-e). Under Brazilian law NF-e is replacing the conventional, hard-copy nota fiscals with an electronic counterpart which must be digitally signed and shaped into a particular government specified XML format. The regulatory compliance processes in Brazil are among the most complex and unique E-Invoicing requirements in the world. However, thanks to the commitment of the public sector, there is no doubt that it will succeed.


5. Greece is converted to electronic invoices

Yesterday, the Greek parliament decided drastic measures, valid from January 1st 2011. From an amount of 3,000 euro no traditional invoices are accepted on paper anymore, but only an electronic version as a record. The tax authorities have the right to access to all details of the invoices online. This decision is just one among several others with the aim to improve the government control of financial transactions


Questions for you in your country:

- has the public sector set deadlines for paper and PDF to save tax payer’s money – and help the SME sector to go digital and then in the following rounds cut the cost of administration in half”

- has large invoice receivers in the private sector done  the same

- are consumer organizations driving transparent pricing – charging visibly for paper?

- are banks doing their part?

Posted by BoHarald at 4/16/2010 08:52:00 PM 0 comments


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