EU moves on invoicing

Frits Bolkestein, commissioner for taxation policy, said new technologies made it necessary that updated harmonised rules covering VAT within the Community were introduced urgently’.

Electronic invoicing could cut invoicing costs from £1.40 to about 40p per transaction compared to a paper document, he said.

A move to electronic invoicing would encourage development of e-commerce currently hampered by ‘obsolete’ invoicing in the EU.

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