A report by MEP David Casa on VAT rules on invoicing received a resounding vote of approval by members of the EP’s Economic and Monetary Affairs Committee getting 42 votes in favour and two against.

The report calls for some fundamental changes to be made to the Commission proposal including a reduction in the storage period of invoices from six to five years.

It also proposes allowing the conversion of paper invoices into an electronic format.

The report also proposed that that it should be obligatory for member states to give SMEs the option of using a cash accounting scheme.

The report will face its final hurdle when it is put to the vote during the Strasbourg plenary session in April.

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