Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-05-Speech-3-102"
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"en.20100505.69.3-102"2
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"I welcome the adoption of this report in numerous respects. However, particularly as a rapporteur and author of some key amendments, I would only like to refer to the most important aspects, both of which specifically result in reducing the administrative burdens on businesses.
The first of these is the obligation on Member States to implement the accounting system based on receipts and payments (cash accounting) for SMEs (which are defined at EU level as firms with a turnover of less than EUR 2 million), which will be a welcome incentive for the business sector. This is being introduced at a time when businesses are currently in the situation where they pay VAT on an invoice as soon as it is issued, but the relevant invoice payment (and associated VAT) may only be paid months later, if ever. However, in every case, the fundamental principle remains that the deductibility of VAT is inextricably linked to its payment.
The second aspect is that electronic invoices are granted the same legal status as paper invoices so that invoices sent via email will probably replace the current paper invoices, thereby facilitating the tasks of not only issuing and sending invoices, but of managing and storing them as well."@en1
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