The world’s economy has faced unprecedented events, called black swans, in recent years. Countries are adapting by increasing VAT rates and modernizing VAT, including taxing digital services and goods. Some countries are also implementing green taxes and reducing VAT on selected goods to aid the economy during the pandemic. Changes in VAT compliance are also happening, with a focus on digitalization to reduce VAT fraud. The EU is leading the way in the VAT in the Digital Age program, which experts predict will soon be implemented in the US.
Source 1stopvat
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