ECONOMY

Electronic invoice system launched by year-end

Regional Development Minister Michalis Chrysochoidis (sitting) is seen preparing to present the new electronic invoice system yesterday, which is aimed at improving the market?s operation and saving about 1 billion euros for companies.

?We are gradually relieving enterprises of the great administrative and financial burden of transactions on paper, by transferring all economic activity on the Internet with secure information technology systems,? he pledged.

Each paper invoice sets a company back 7 to 15 euros, while an e-invoice costs between 0.60 and 4 euros.

The aim is for the system to be in operation for transactions with the state by the end of the year, while companies can start using it voluntarily from March.