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ZAGREB, July 1 (Xinhua) -- Printing of the bills on paper by the state and the public sector in Croatia will be completely replaced by electronic invoices from Monday.

In line with government decision, effective on July 1, the Law on Compulsory E-Account Receipt in Public Procurement Procedures is being implemented, and the European Union has co-financed the Croatian Invoicing Project for Local and Regional Authorities.

All companies will receive exclusively e-invoices from the state and the public sector in the future, which will be stored on centralized accounts. The aim is to transform the public and state sectors, and simplify public procurement, with the same control mechanisms as before.

This will save nearly two billion kuna (306 million U.S. dollars) annually, and experts estimate that conducting business will be easier. Public procurement annually in Croatia amounts to about 44 billion kuna (6.7 billion U.S. dollars).

So far, the e-invoice service in Croatia has been functioning for small, medium and large companies and entrepreneurs, and all e-invoices have the same value as a paper invoice.

It is expected that for the next two years everyone in Croatia, from citizens to entrepreneurs and businesses, will only use e-invoices, which is the recommendation of the European Union. Enditem