The European Commission announced significant reforms to the EU VAT system on December 8, 2022. The reforms are part of its VAT in the Digital Age initiative (ViDA), which aims to combat EU VAT revenue loss and to modernize the EU VAT system by making it simpler, more efficient and fit for the digital age. The reforms introduce (1) new e-invoicing and digital reporting requirements, (2) platform economy updates and (3) e-commerce and international trade changes. Once enacted, the reforms are expected to go live in multiple annual waves starting January 1, 2024.
Source Bird & Bird
See also
- ViDA Analyzed – Part 1: E-invoicing will be the general rule for the issuance of invoices – Legal basis
- ViDA Analyzed – Part 2: 2 days deadline for the issuance of invoices on intra-Community supplies
- ViDA Analyzed – Part 3: Elimination of the possibility to issue summary invoices
- ViDA Analyzed – Part 4: Content of invoice – More data elements added to allow automation of process reporting (Art. 226)
- ViDA Analyzed – Part 5: Call-Off Simplification (Art. 17a) introduced via the Quick Fixes will cease to exist
- ViDA Analyzed – Part 6: Digital reporting system for intra-Community transactions: Articles 262 to 271
- ViDA Analyzed – Part 7: Digital reporting system for supplies of goods and services for consideration carried out within the territory of one Member State: Articles 271a to 273
- ViDA Analyzed – Part 8: Platform economy: Deemed supplier regime for short-term accommodation rental and passenger transport
- ViDA Analyzed – Part 9: Single VAT Registration (SVR) and improvements to the existing e-commerce rules and the margin scheme
- ViDA Analyzed – Part 10: Member States should allow ”Domestic reverse-charge” (Art. 194)
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