- 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- Outdated compliance-tracking tools for intra-EU transactions have led to a continuously growing percentage of VAT Gap at the EU level, prompting the need for modern,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- The present reporting requirements are outdated and need to be updated to match the technological advancements in the contemporary business environment.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
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