Factura-e to bring 51 million euro profit

  • As of January 1, 2014 the Administration will have a single accounts payable record
  • Electronic invoicing with the Public Administration becomes mandatory as of January 15, 2015

Currently pending its definitive approval by the Senate, the draft bill on electronic invoicing and creation of a single accounts payable record in the public sector comes into force as of next year. This initiative, which went through Congress last October 23, aims to minimize late payment by the Administration, improve the competitive edge and efficiency of businesses and reduce administrative burdens. According to government calculations, these measures could mean annual savings of €51 million.

The changes in this draft Bill will be applied in two phases. The Public Sector will be the first to take up this new billing procedure.And as of next January 1, all Administrations will have an accounting record for invoices, whose managers will forward the information on bills received to the Tax Authority. This will allow immediate knowledge of the real economic situation, making it possible to set budgets more in line with the actual situation, so making public accounts more reliable.

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