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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