Big business tax group sounds alarm over e-business invoicing barriers
Cisco, Microsoft and other corporate giants have issued a call for urgent action on electronic invoicing.
The European e-business tax group (EeTG), a group of 20 large businesses brought together by PricewaterhouseCoopers, is calling for clear legislation on electronic invoicing, warning that taxation and compliance issues are forming barriers to the development of e-business.
Tax authorities throughout the EU will be receiving EeTG recommendations for simplifying and harmonising invoice requirements.
The EeTG was created last year to develop ‘practical, clear and fair solutions’ for the taxation of e-business.
The crux of EeTG’s suggestions includes the need to permit and facilitate by law electronic invoicing, self-billing and outsourcing of invoicing and electronic storage.
Approximately 60 percent of the three billion bills paid each year in the UK are already processed by some form of electronic payment, according to a leading EBPP (Electronic Bill Presentment and Payment) consultant at Xplor UK & Ireland.
Xplor International is the worldwide electronic document systems association.
Michael Killen of Killen & Associates recently warned UK and European companies to keep up-to-date with US initiatives to develop EBPP. ‘There is a lack of development in EBPP among European firms compared to companies in the US,’ said Killen.
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