The European Commission has addressed the question of standardization of electronic invoicing (e invoicing) in the European Union in two aspects.

Standards for electronic invoicing vary widely from country to country.

To save the administration work, invoicing is normally processed on monthly basis.

Regulation of determining the custom value developed on the basis of WTO principles, are used in Armenia which enables to prevent under invoicing or over invoicing of exporting and importing goods with maximum efficiency.

UN CEFACT has set up a new Trade Facilitation project to revise its existing Recommendation 6 on the Invoice for International Trade, adapting it to the business and regulatory requirements of electronic invoicing (e invoicing).

It is still common for electronic remittance or invoicing to be printed in order to maintain paper records.

The study analysed 14 steps in the procurement process from specifications and vendor registration to shipment tracking, invoicing and payments, and found that specifications, supplier registration and requests for information during the tendering process and payments, were the most electronic , while invoicing was the least.

Over and under invoicing of trade, for example, is a time tested way to spirit money out of a country.

Responsible for the opening of bids, the follow up of local purchase orders and contracts, monitoring of deliveries, performance and related invoicing.

The programme includes modelling of electronic procurement phases such as electronic tendering, electronic awarding of contracts, electronic ordering, electronic invoicing and electronic catalogues.

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Electronic Data Interchange (EDI). This project is expected to be completed by January 2006 (for work on e invoicing undertaken by UNECE, see paras.

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We will also seek to finalize the unification of the PIS Cofins taxes, Brazil s overly complicated and much criticized federal taxes levied on businesses invoicing.

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The implication is that the dollar, the euro, and the renminbi will share the roles of invoicing currency, settlement currency, and reserve currency in coming years.

A number of bodies have expressed an interest in this work and the potential for efficiency gains through e invoicing (including the International Air Transport Association).

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The revised Recommendation seeks to resolve the obstacles to e invoicing, and to provide a solution that can easily be implemented by both SMEs and large companies.

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The dollar will remain important for many countries as a vehicle for intervention in foreign exchange markets, as well as for invoicing and for denominating internationally traded securities.

Assists the Contracts Procurement Officer in the compilation of bid documents, and is responsible for follow up of purchase orders and contracts, monitoring deliveries, performance and related invoicing.

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