- The European Commission has proposed a second pillar for VAT in the Digital Age, focused on the Platform Economy.
- The EU legislation has not defined the structure, tax-wise scenarios, and legal challenges of operations processed through Digital Platforms.
- The Platform Economy generated around EUR 258 billion in 2019, and there are over 1,500 operative digital platforms with a significant presence in the EU.
- The EU Commission has proposed changes to VAT rules for the Platform Economy due to challenges such as rapid scaling, variation of VAT rules, and competition with traditional businesses.
- The proposed changes focus on regulating Digital Platforms operating in short-term rental accommodation and passenger transport services sectors.
Source 1stopvat
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