On 08.12.2022, the European Commission published a draft directive for the “VAT in the Digital Age” initiative, which intends to modernize VAT reporting obligations and to impose the use of e-invoicing for cross-border transactions. By implementing digital reporting requirements (DRR), the Commission introduces a transaction-by-transaction reporting system that shall replace the outdated recapitulative statements and provide information to Member States in almost real time. The implementation of mandatory e-invoicing shall form the basis of the DRR.
Source: KMLZ
