Transatlantic e-Invoicing Harmonisation: Aligning the US and EU
Transatlantic e-Invoicing Harmonisation: Aligning the US and EU
The United States and European Union are working towards greater alignment on e-invoicing. This is part of a clear intention to harmonise both sides of the Atlantic. This was signaled at the sixth meeting of the Trade and Technology Council (TTC). The TTC meeting highlighted the transformative role of electronic invoicing (e-invoicing). Through efficiency gains and savings, e-invoicing is reshaping cross-market transactions and transatlantic trade.
Why is e-Invoicing Important?
e-Invoicing is part of a global trend towards real-time tax compliance. This forms part of moves towards continuous transaction controls to prevent VAT fraud. These measures also ensure accurate tax data transmission, often through secure government-regulated exchanges. These processes are becoming mandatory in more countries, requiring businesses to adapt.
Service providers like eezi offer solutions that allow companies to avoid developing costly in-house capabilities.
VAT Compliance and Digital Tools
The discussions at the TTC underscored the need for compatible systems between the EU and United States. Despite high alignment in technical specifications, differences persist. The TTC aims to bridge these gaps, enhancing commercial and technical compatibility.
This is still a developing technology, and businesses may need specialist support to keep track of their obligations. Whereas businesses are limited in the amount of resources they can devote to research, development and execution in the e-Invoicing space, service providers like eezi have dedicated teams working on these topics 24/7.
What the Future Holds…
Continued global cooperation reflects a shared vision for a streamlined trade environment.
Businesses should stay informed and prepare for the upcoming changes.
eezi can assist even the most sophisticated in-house tax teams to help ensure your business has specialist support with its indirect tax affairs. Whether you’re a small business or a large multinational, we have the skills and experience you need to remain compliant.
