The European Commission have released their long-awaited VAT in the Digital Age update.
Originally scheduled for November but pushed back until the 8th December, VAT in the Digital Age is the EU Commission’s bid to modernise VAT rules in line with the growing trend towards digitalisation.
There have been three drivers for this change, including:
- Reduction of VAT gap.
- Simplification & increased efficiency of VAT compliance processes.
- Improved data analysis and financial forecasting.
Source Taxbackinternational
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