In December last year, the European Commission unveiled one of the biggest VAT reform proposals of the 21st Century. Called ‘VAT in the Digital Age’ (ViDA), the three-part proposal intends to not only take a hardened stance on VAT fraud, but also improve VAT efficiency through real-time reporting and e-invoicing. Add to this a significant extension of platform VAT liabilities and a reduced admin burden through single VAT registration, and ViDA could result in major modernisation. The current VAT system is already several decades old, and despite some recent upgrades, it has not kept pace with technological developments, the digital economy or the evolution of business models.
- VAT reporting obligations and e-invoicing
- VAT treatment of the platform economy
- Single EU VAT registration
- Digital transformation today, not tomorrow
Source: internationaltaxreview.com
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