- EU has reached agreement on VAT in the digital age (ViDA) proposal
- Measures to be adopted gradually from 2027 to 2035
- ViDA initiative aims to ensure VAT compliance, prevent tax fraud, and elevate VAT regulations for the digital age
- Three pillars of ViDA: Digital Reporting Requirements, Platform economy, Single VAT registration
- Businesses in EU need to assess how ViDA package affects their transactions, invoicing, and reporting processes
- Many Member States and other jurisdictions already have or are introducing e-invoicing and e-reporting rules
- Businesses should consider readiness assessment for compliance with new rules
- EU Commission presented “VAT in the digital age” package on December 8, 2022
Source: globaltaxnews.ey.com
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.
