- The European Commission has reported that EU member states were short €93bn in VAT revenues in 2020, prompting governments to address the tax gap.
- One solution is standardised e-invoicing, which brings greater visibility and transparency to tax collection.
- However, different tax authorities have different requirements, making compliance difficult.
- Businesses should take a strategic look at e-invoicing to meet international standards and invest in a single global e-invoicing solution. This would streamline processes, cut costs and provide businesses with more granular data.
- E-invoicing is now the clear direction of travel for tax authorities, and organisations should be prepared for the shift.
Source raconteur.net
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