- The European commission’s annual VAT gap study shows that EU Member States lost around €61 billion in VAT in 2021, compared to higher amounts in previous years.
- The success of e-invoicing and digital reporting in reducing the VAT gap will accelerate the digital transformation of tax.
- Non-compliance will be riskier as tax authorities can use e-invoicing and digital reporting systems to flag suspicious transactions.
- Organizations need to establish dedicated e-invoicing teams to navigate the complexities of various jurisdictions.
- Third-party solutions for e-invoicing and digital reporting will become more attractive due to the increasing number of mandates.
- Fonoa offers a unified solution for e-invoicing and digital reporting, providing expert guidance and automation for compliance processes.
Source: fonoa.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.
