The European Union (EU) may postpone the implementation of its ambitious VAT reforms for the digital economy by one year, according to a proposal from a key parliamentary committee. The VAT in the Digital Age (ViDA) proposal, which was unveiled by the European Commission in July 2020, aims to modernize and simplify the VAT rules for online businesses and platforms and to introduce mandatory digital reporting and e-invoicing for all B2B transactions in the EU. The original deadline for the implementation of the ViDA proposal was 2024 for the single VAT registration and platform economy provisions and 2027 for the digital reporting and e-invoicing provisions.
Source: fiscal-requirements.com
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