The Electronic Invoice Promotion Act is approved

Approval of the Electronic Invoice Promotion Act by the Parliament makes one of the demands by the ICT sector. Implementation of electronic billing by the General State Administration is expected to provide a 51 million euro profit, in addition to 2.3 million savings in paper. However, approval of this law is good news, above all for the ICT industry, as it shall favour the transparency and efficiency of management of processes with the Public Administration. Electric billing provides the benefit of greater agility in processing invoices and their monitoring. Moreover, they shall be saved in an administrative register and that shall allow interest to be claimed when payments are delayed. The administrations shall also have greater control over public spending and deficit, making it easier to combat fraud. Just as recorded in the act, the electronic invoice is a document that fulfils the legally required requisites for invoices, guaranteeing the authenticity of their origin and the integrity of their content. Invoices shall have a format that shall be specified in a future Ministerial Order and shall include an electronic signature based on a recognised certificate. As of 15th January, the electronic invoice shall be obligatory for subjects who are taxed electronically pursuant to the tax regulations.