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The European Union has adopted a new invoicing directive designed to tackle VAT fraud and simplify invoicing requirements, especially in electronic format.
The new directive aims to ensure the acceptance by tax authorities of e-invoices under the same conditions as for paper invoices, and to remove legal obstacles to the transmission and storage of e-invoices.
It includes measures to help tax authorities ensure that tax is paid so as to better tackle VAT fraud.
These include establishing deadlines for the issue of invoices, thus enabling speedier exchange of information on intra-EU supplies of goods and services.
‘This decision is a first step to reduce the technological burden regarding invoicing’, said Marc Hoessels, head of the Deloitte e-invoicing group in Europe.
‘Most companies are using a financial system which allows them to follow up on orders, transfers, invoices and finally on the payments, however, written proof was always required.
'We hope EU member states will now draft a joint position paper where they elaborate a specific legislation on e-invoicing for their country with a view to applying this directive very soon, preferably in advance of 2013,’ added Mr Hoessels.
He reminded companies that ‘the period of retention for e-documents is still six years in the UK’, although other member states have different retention requirements.
