The European Commission introduced the VAT in the Digital Age (ViDA) initiative in December 2022 to modernize the VAT system and address the significant VAT revenue loss in EU member states. ViDA aims to adapt the VAT system to online businesses and includes measures such as real-time reporting, updated VAT rules for platform economy operators, and a single VAT registration for businesses selling to EU consumers across multiple member states. This initiative applies to businesses selling goods and services to EU customers, and compliance involves including additional information on invoices.
Source Taxera
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