- UK businesses need to prepare for the EU’s VAT regulations overhaul, which will require updates to invoicing and bookkeeping systems for trading with EU customers and vendors.
- The VAT in the Digital Age (ViDA) proposals will introduce significant changes to tax compliance obligations, including a real-time digital reporting system based on e-invoicing and new rules for the digital platform economy.
- The European Commission aims to make the tax system more efficient and combat fraud, as Member States lost €93bn in VAT revenues during 2020.
- The proposed measures are due to come into force between 2024 and 2028.
- UK firms should review their EU operations and assess the likely impact on their operations in advance of the proposed deadlines, according to experts.
Source Accountancy age
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