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Customs news - Invoice simplification

13 February 2002
Issue: 3844 / Categories:

European Union Member States have agreed some uniform rules for simplifying invoicing, with the result that on 4 December 2001, the European Commission announced agreement on a new directive, 2001/115/EC. The directive allows businesses to invoice electronically, and specifies information that must be included on invoices, a summary of which follows:

* the date the invoice is issued;

* a sequential number to identify the invoice;

European Union Member States have agreed some uniform rules for simplifying invoicing, with the result that on 4 December 2001, the European Commission announced agreement on a new directive, 2001/115/EC. The directive allows businesses to invoice electronically, and specifies information that must be included on invoices, a summary of which follows:

* the date the invoice is issued;

* a sequential number to identify the invoice;

* the VAT identification number of the supplier (and in most cases, the VAT identification number of the customer);

* the full name and address of the taxable person and customer;

* a description of the goods and services supplied;

* the quantity of goods supplied or services rendered;

* the date the goods or services were supplied;

* the net amount subject to VAT;

* what the rate or rates of VAT are;

* the amount of VAT to pay;

* identification of exempt supplies or supplies where the customer pays the tax;

* identification of supplies of new means of transport and special arrangements for travel agents and second hand goods;

* identification of the use of tax representatives.

Member States have until 2004 to implement the directive.

Issue: 3844 / Categories:
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