- The ViDA series’ first article delves into the VAT in the Digital Age reform.
- Outdated compliance-tracking tools for intra-EU transactions have led to a continuously growing percentage of VAT Gap at the EU level, prompting the need for modern, digital tools.
- The European Commission has proposed mandatory digital reporting requirements for B2B cross-border transactions to reduce the VAT Gap.
- The reform includes the removal of certain articles from the EU VAT Directive, uniform EU-wide VAT digital reporting system, transactional reporting mechanism based on E-Invoicing, and a Central VIES platform for storing and validating cross-border electronic invoices.
- The present reporting requirements are outdated and need to be updated to match the technological advancements in the contemporary business environment.
Source 1stopvat
See also
Join the LinkedIn Group on ”VAT in the Digital Age” (VIDA), click HERE
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