- The Council of the European Union has released a new proposal for tax reform called VAT in the Digital Age (ViDA)
- The proposal aims to modernize and streamline VAT systems across the EU, particularly in e-invoicing and Continuous Transaction Controls (CTC)
- The proposal will be reviewed by Member States on 5 November at the upcoming ECOFIN meeting
- Changes will take effect over time, with some happening immediately upon approval
- The main change in the new ViDA proposal is the postponement of deadlines for measures to become effective
- The first change will be the removal of EU approval for domestic e-invoicing, allowing Member States to impose it without EU approval for established taxpayers
- ViDA adoption has been a lengthy process but promises significant benefits in public and private sectors across the EU.
Source: sovos.com
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Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
