The European Commission has released revised proposals for the ‘VAT in the Digital Age’ (ViDA) reform, which will be discussed by the Economic and Financial Affairs Council (ECOFIN) on May 14, 2024. If there is a consensus among member states, these reforms will be formally endorsed and implemented between 2024 and 2030.
The updated draft reflects a compromise of different positions and amends certain areas significantly. It mandates electronic invoicing as the default system for issuing invoices in the EU from 2030 onwards, excluding PDFs from being considered e-invoices. Electronic invoices will become mandatory for transactions falling within the scope of the Digital Reporting Requirements (DRR), with a deadline of no later than the 10th day after the transaction. Member states may still allow other invoicing formats, including paper, for domestic supplies or supplies to third countries, contingent upon customer acceptance.
Source Aleksandra Bal – Forbes
