By Sally Watson, 21 November 2000 11:55
NEWS The long-awaited blueprint is designed to simplify the trading process, requiring companies to comply with just one set of VAT rules irrespective of which member state they buy and sell from. At present, 15 different sets of legislation govern electronic invoicing and several member states still require parallel transmission of paper invoices, a situation which the EC claims is holding back the development of ecommerce. The Commission also wants member states to recognise the validity of electronic invoices without having to seek prior authorisation. It is hoped this will increase speed of invoicing, lower cost and make it easier for tax authorities to track and fight fraud. The proposal will now transfer to the EU Council of Ministers for adoption as a Directive.
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