The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Companies scramble to digitalize transactions as new laws loom

Regulatory pressures are beginning to force firms to innovate as tech developments make it ever easier for companies to keep digital records of various transactions – and providers are taking advantage.

By Anna Fedorova


One of the key areas where European governments are putting pressure on companies is taxation and invoicing, with the UK and Italy already taking steps to drive digitalization in this field.

In the UK, HM Revenue and Customs (HMRC) has embarked on the ‘making tax digital’ (MTD) campaign, which will mandate all businesses to use the government’s ‘MTD for business’ system from April 2019 to meet their VAT obligations.

There are a number of advantages to this initiative, which spans both business and individual taxation, according to HMRC.

Firstly, it will save customers time on providing the government with information it already has or can obtain from elsewhere, such as employers, banks, building societies and other government departments. Secondly, it can help prevent errors by allowing information relating to tax to be processed as close to real time as possible.

Thirdly, HMRC intends to make detailed financial information available through one digital account by 2020. Finally, new software will allow customers to interact with HMRC digitally at a convenient time.

Meanwhile, Italy is about to adopt a new law making e-invoicing obligatory for all business-to-business (B2B) and business-to-consumer (B2C) transactions from January 1, 2019.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree