An attempt to build a new kind of organizationally distributed but logically centralized e- invoicing address registry has now been started in Finland. The technology platform utilized for the project will be based on Ethereum Blockchain.
The objective is to deliver an early version of a distributed e-invoice address book in December 2016. It would also allow companies to report VAT information faster and facilitate real-time reporting. Adopting a uniform standard could help to increase European tax revenues by up to EUR 160 billion a year.
The idea is to revive the ISO 20022 standard to enable real-time value added tax (VAT) reporting. The standard allows the necessary information in each invoice to be reported to the tax authorities in digital form. Adopting the new standard across Europe could potentially increase tax revenues by up to EUR 160 billion through the collection of currently unreported VAT.
A significant group of operators in e-invoicing is involved in the project, including leading European B2B business integrators such as OpusCapita, Tieto, Enfo and Basware; banks such as OP, Nordea, Danske and the s.k. Samlink group of Finnish Savings banks; and the LähiTapiola insurance company.
The consortium also includes government agencies such as The Finnish Tax Authority, the Finnish Business Registry, The Government Services for Finance and HR in Finland Palkeet. The SME side is covered by the Association of Finnish Accounting Firms. The payment processor Nets is also involved, the Federation of Finnish Financial Services is acting as the facilitator of the project, and Nordledger (nordledger.com) Blockchain Design Studio is responsible for design and coding.
Related posts
- Will the ‘Spanish Approach’ be the next step in E-invoicing Compliance in Europe?
- Handy: OpenPeppol guidance paper on the CEF call for funding e-invoicing adoption
- Seminar: “UBL E-invoicing, a daily practice” – 7 December 2016 – The Netherlands
- Break: only UBL and CII remain as mandatory EU B2G e-invoicing syntaxes!
- >3 million e-invoices were processed in Kazakhstan in the first half of 2016
- EU and OpenPEPPOL announce new CEF funding agreement to transition from AS2 to AS4
- VAT Gap: Nearly EUR 160 billion lost in uncollected revenues in the EU in 2014
- INFOGRAPHIC: A day in the life of an AP specialist – before and after AP automation
- Boeing needs more cash; puts the squeeze on its suppliers
- Saudi Arabia mandates B2B e-invoicing, as an respond to lower oil prices