VATupdate

US launched e-Invoicing market pilot

In early July 2021 the Business Payments Coalition (BPC) in cooperation with the Federal Reserve has announced the pilot program (E-invoice Exchange Market Pilot), which aims at building an e-invoicing network to be tested across businesses in the US. Like many other jurisdictions, the US has started the switch to paperless invoicing for B2G transactions. It should be noted that the US’s e-invoicing regulatory storyline dates back as far as 2017, when the Office of Management and Budget (OMB) issued an e-invoicing memorandum, on the basis of which US federal government bodies were expected to implement e-invoicing processes before the end of 2018. This goal has been achieved only partially, with barely 50% of all government invoices reported as having been processed electronically.

Source Ridvan Yigit

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