The EU Member States failed to reach a political agreement on the VAT in the Digital Age (ViDA) proposal during the Economic and Financial Affairs Council (ECOFIN) meeting under the Belgian presidency on June 21, 2024. The proposed deemed supplier model for platforms in the platform economy pillar remains contentious, and the task now falls to the upcoming Hungarian presidency of the EU Council to secure consensus in the latter half of 2024. The proposal aims to make the EU VAT system more robust against fraud, level the playing field between online and traditional economies, and reduce administrative burdens for taxpayers through three pillars: Digital Reporting, Updated Rules for the Platform Economy, and Single VAT Registration.
Source RTCsuite
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