E-Invoicing & E-Reporting developments in the news in week 19/2024 – It’s all about ViDA

Follow the latest updates on E-Invoicing and Real Time Reporting on www.vatupdate.com and the LinkedIn pages on E-Invoicing/Real Time Reporting and ViDA.

EU Member States are working towards reaching an agreement on the ViDA package during the ECOFIN meeting scheduled for 14 May. The ViDA package encompasses various important elements, including the implementation of common e-invoicing and digital reporting requirements, updates to VAT rules for the platform economy and the establishment of a single VAT registration system across the EU.

There is a new compromise proposal on the table that could potentially delay the implementation of e-invoicing requirements until July 2030. This extension is being considered to provide sufficient time for businesses to adapt to the new regulations effectively. Member States will have the flexibility to enact measures to ensure compliance with the electronic invoice standards, taking into account their specific circumstances and requirements.

During the negotiations, the possibility of reintroducing summary invoices has been discussed. This would allow for a more streamlined invoicing process, providing convenience and efficiency for businesses.

Estonia has raised concerns regarding the deemed supplier regime for platforms. Further discussions and considerations are needed to address these concerns and find common ground among the Member States.

Additionally, there is a proposal to set the deadline for issuing invoices at 10 days, instead of the two days initially proposed by the Commission. This adjustment aims to strike a balance between ensuring timely invoicing and considering practical constraints faced by businesses.

Overall, the discussions and negotiations surrounding the ViDA package are crucial for harmonizing VAT regulations and promoting digitalization across the EU. Member States are working towards finding consensus on these important matters to facilitate smoother and more efficient cross-border transactions within the Union.

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