Harmonised EU Sales Tax Expected By 2004
New rules intended to harmonise
sales tax receipts were scheduled to be adopted without debate in a meeting
of European Union Finance and Economy ministers on Tuesday. The arrangement means that
from 2004, companies with operations throughout the 15 member European Union
will no longer be suject to different sales tax rules in every country in which
they are based or do business, but will be governed by a single set of sales
tax standards. It is thought that the new
procedures agreed upon will also encourage electronic billing, which is subject
to restrictive legislation in several member states. A recent EU Executive Commission
report revealed that the average cost for a bill processed electronically is
just 0.4 euros, compared with 1.4 euros per paper transaction processed. .
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