- The Making Tax Digital (MTD) initiative now applies to all UK VAT registered businesses, but businesses trading in or with the EU will soon face more significant technology-based compliance obligations under the EU’s VAT in the Digital Age (ViDA) from 1 January 2025.
- ViDA has three key pillars: digital reporting, platform economy changes, and extension of One Stop Shop (OSS) registrations.
- Businesses need to understand their supply chains and reporting obligations and ensure they have good data sets to manage these changes effectively.
- However, those who spend time setting up systems correctly and updating them appropriately will have access to trends, changes, and cost variations sooner than competitors, giving them a commercial edge.
Source The Business Magazine
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