E-invoicing – the process of electronically generating, transmitting and receiving invoices – is gaining momentum as tax authorities worldwide seek to reduce the shortfall of revenue often referred to as the ‘VAT gap.’ Expressed as the difference between the amount of VAT that should have been collected and what was actually taken, this gap is estimated to stand at a staggering €93 billion (approximately £80 billion) in the EU alone.
Source: www.globalbankingandfinance.com
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