EU rule change 'a boost for e-invoicing'

In a move that could impact on companies' time billing policies, the European Union's (EU) executive body has agreed a new set of guidelines intended to remove barriers in the VAT Directive and allow paper and electronic invoices to be treated in the same way, according to reports.

The European Commission said the new rules are designed to support the wider adoption of e-invoicing in order to reduce resource burdens for business, support small and medium-sized firms and improve fraud protection.

Laszlo Kovacs, the EU's commissioner for taxation and customs, said that switching to e-invoicing could save businesses in the 27-nation bloc up to €18 billion (£23 billion).

"[This] important initiative will put forward much simpler, more modern and comprehensive rules for invoicing, whilst allowing tax administrations effective means of control," he commented.

According to Focus News, the proposed rule changes are part of the European Commission's Action Programme, which aims to cut the regulatory burden on businesses by one-quarter over the next five years.

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