- The EU’s proposed VAT in the Digital Age (ViDA) initiative, which aims to modernize and harmonize VAT processes for member states using new technologies, may be delayed by 12 months due to businesses struggling to meet the current 2024 start date.
- The delay is still subject to approval by the EU Parliament’s Committee on Economic and Monetary Affairs.
- ViDA is based on three core pillars of VAT reforms, including single VAT registration and addressing challenges raised by the development of the platform economy.
- The delay will allow businesses more time to prepare for the new regulations.
Source Innovate Tax
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