VATupdate

Share this post on

FacebookXEmailLinkedInWhatsApp
World

E-Invoicing & E-Reporting developments in the news in week 43/2024

4 weeks ago
4,658 views
6 min read

Podcast version

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.

HIGHLIGHTS

  • Progress on VAT rules in the digital age (ViDA) – 10 year opt-out period for the Platform Economy?
    • VIDA Package Discussion: The Ecofin Council will discuss on November 5, 2024 the VIDA package, focusing on digital reporting, platform fiction, and single VAT registration to streamline cross-border VAT compliance.
    • Digital Reporting and E-Invoicing: From July 2030, EU member states must adopt a standardized system for cross-border transactions. Although the Netherlands sought a shorter transition, it supports the compromise to avoid increased administrative burdens.
    • Platform Fiction: The proposal aims for mandatory platform fiction across all member states for short-term rentals and transport services. While seeking more harmonization, the Netherlands agrees to the compromise allowing some flexibility. EU Council Presidency Proposes 10-Year Opt-Out for VIDA – Platform Economy
    • Single VAT Registration: The Import-One-Stop-Shop component is removed from VIDA and will be addressed with Customs Code reforms. Member states generally support the single VAT registration goal.
    • Compromise Efforts: Estonia previously opposed the platform economy text, but ongoing negotiations aim to reduce administrative burdens and reach consensus on the entire VIDA package, which the Netherlands supports.
  • UAE Ministry of Finance Unveils E-Invoicing Plans to Streamline Tax Reporting and Enhance Security
    • The UAE Ministry of Finance (MoF) has reaffirmed its commitment to the E-Billing System project, aimed at reducing human intervention, optimizing costs, and enhancing security in business and tax reporting.
    • An e-invoicing website has been launched to outline the objectives and details of the project, which includes encrypted transaction security.
    • The UAE’s Continuous Transactions Controls (CTC) mandate will use a five-corner model for exchanging electronic invoices among certified service providers, who will transmit data to a centralized platform managed by the Tax Authority.
    • The mandate will initially cover B2B and B2G transactions, with potential future inclusion of B2C transactions.
    • The roll-out timeline includes opening accreditation for service providers by the end of 2024, publishing legislation in 2025, and implementing the first phase of the e-invoicing reporting obligation in 2026, with further details on service provider accreditation expected soon.

 

Belgium

Belize

Bolivia

China

Colombia

Congo

Dominican Republic

Estonia

European Union

European Union/ Italy

European Union/ Webinars/ Events

France

Germany

Italy

Kazakhstan

Malaysia

Poland

Portugal

United Arab Emirates

United Kingdom

Webinars / Events

World

See also

 

Sponsors:

VAT news

Advertisements: