- The UK Government is considering the introduction of an e-invoicing system, reflecting trends in the EU where many countries are implementing similar systems; however, this may surprise UK businesses unfamiliar with these changes.
- Despite the push for e-invoicing and real-time reporting in Europe, there is a lack of studies assessing their effectiveness in increasing tax revenue or combating tax evasion, and initial implementations have not shown significant revenue increases for tax authorities.
- The absence of standardization in e-invoicing systems across different countries complicates compliance for businesses, especially small and medium enterprises, and there have been no evident benefits to taxpayers, such as targeted audits or reduced information requests, raising concerns about the potential rollout of e-invoicing in the UK.
Source Essentia
