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

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).

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.

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

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

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).

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.

In South Africa, measures have included the development of a through invoicing system for railway traffic and the introduction of a Regional Rolling Stock Information System (RSIS).

Without acknowledging any undue invoicing, the contractor, as part of the negotiations, offered a credit of 500 additional hours to be used by the United Nations at its discretion.

Likewise, use of the renminbi for the purpose of invoicing and settling trade with China is bound to continue growing. But in terms of the all important roles of a currency as an investment vehicle or reserve asset, the outlook for the renminbi is much less promising, owing to China s still tight capital controls and low level of financial development.

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The goal of the electronic travel request form is to build an interface between IMIS and the travel agent's system to facilitate ticketing and invoicing for tickets, as well as to create an electronic travel request form.

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Non traditional exports had also increased owing to outsourcing in a wide range of products, allowing customs taxes to be suspended on capital goods, raw materials and inputs, with a sole tax of 1 per cent levied on invoicing.

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