- On May 8, 2024, the European Commission released a significant update of the VIDA package “VAT in the Digital Age”, reflecting ongoing adjustments and dialogue among EU member states since the initial proposal on December 8, 2022.
- The Economic and Financial Affairs Council (ECOFIN), under the leadership of the Belgian Presidency, is set to review and potentially finalize a political agreement on this proposal on May 14, 2024.
- If approved, the proposal will introduce several amendments to EU VAT regulations. Key highlights of the updated proposal include mandatory digital reporting and e-invoicing for various types of cross-border transactions, with specific deadlines for issuing e-invoices and reporting.
- The new digital reporting requirement eliminates the current obligation to file a European Sales listing but imposes additional data points to be reported, including bank details.
- Compared to the original proposals, there are several noteworthy points, including changes in the deadlines for issuing e-invoices and reporting for certain transactions.
Source VAT-Consult
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