- Commission welcomes general approach on VAT in the Digital Age
- Package makes EU’s VAT system more business-friendly and resilient to fraud
- Introduces uniform real-time digital reporting for VAT purposes based on e-invoicing
- Platform economy operators in passenger transport and short-term accommodation sectors responsible for collecting and remitting VAT
- Initiative will reduce the need for multiple VAT registrations in different Member States
- EU Finance Ministers expected to adopt proposal after re-consultation with European Parliament
- VAT is important revenue stream for Member States, with around €61 billion lost in VAT revenues in 2021
- Commission proposed modernizing VAT obligations to promote digital transition in December 2022 as part of recovery strategy.
Source: ec.europa.eu
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.
