With 18 billion VAT invoices annually in Europe, the switch to a fully electronic VAT invoicing system will significantly save time and money for more than 22 million taxable enterprises. This measure will remove obstacles to company’s electronic billing, in particular additional requirements in the Member States to make invoices VAT compliant. The maximum mid-term reduction potential is estimated at EUR 18.4 billion if all businesses send all their invoices electronically.

Trader’s adoption of the CII is imperative to the upcoming VAT Directive. The aim of the new directive which comes into effect on the 1^st of January 2013 is to simplify and harmonise the rules governing VAT invoicing in the EU and to ensure equal treatment between electronic and paper invoices. Making it a lot easier for SME’S to trade within Europe. This is of huge importance, considering that SME’s account for 98% of trade within the EU.

"Electronic invoicing: 238 billion reasons to move on!"

 Bo Harald, Head of Executive Advisors of TietoEnator and Chairman of the EU Expert Group on Electronic Invoicing,

The mass adoption of e-invoicing would lead to enormous economic benefits, estimated at €240 billion over a six year period. To add to this, the creation of SEPA offers a great launch pad for interoperable e-invoicing schemes. SEPA is a project managed by the European Payments Council on behalf of European banks to reduce the usage of paper transactions (Cheques, etc.).

When SEPA is completed:

* Citizens and businesses will be able to make cross-border payments throughout the Eurozone more easily and less expensively.

* To facilitate this, harmonised European legislation on payments has been introduced in all countries

* Payment systems within Ireland will be changed to conform with European standards.  Businesses and banks will require to change systems and procedures.  IBAN & BIC will be used where account numbers are currently used.