The Ministry of Information and Communication Technology suggests implementing a new mechanism for monitoring the transactions performed by value added tax payers called the Electronic Tax Invoice, Info-Prim Neo reports. “The procedure for purchasing paper tax invoices issued by the State Main Tax Inspectorate is long and implies unjustified costs. The security level is rather low and allows falsifying them. The new automated information system provides a number of advantages,” the Ministry says in a communique. The economic entity will not have to apply for tax invoice forms. The electronic tax invoice is obtained through the Internet. There are no risks of losing the forms. The information will be stored in the tax payer's computerized system and in a 'closed zone'. According to the Ministry, the automated information system Electronic Tax Invoice will be an efficient instrument allowing the State Tax Service to quickly monitor the transactions and the economic entities to easier obtain reporting and transaction-related documents.