First glance into the Proposal “VAT in the Digital Age” (#ViDA) by Agustín Míguez Pérez from the European Commission at the #IDSt #Conference “Digital Transformation in VAT” today. The proposal is planned to be adopted by the EU Commission in December 2022. Here are some highlights:
+ Recapulative Statements are replaced by a new EU tax return for intra-EU transactions (digital reporting requirements – #DRR)
+ One Stop Shop returns (#OSS) extended to B2B transactions
+ Local VAT registration in one EU Member State allows business activities in other EU Member States (Single VAT registration – SVR)
Ambitious proposal addressing a lot of the administrative burdens to #EU Single Market. The big question is, will the EU Member States play along and commit to a harmonized VAT reporting (and processing of reports)?
Source Matthias Luther
