- ECOFIN meeting on 21 June 2024 did not reach agreement on ViDA proposals due to Estonia’s objections
- ViDA aims to modernize EU VAT system for digital economy, close VAT gap, ensure compliance, prevent fraud
- ViDA consists of three pillars: digital reporting and e-invoicing, updated VAT rules for platform economy, expansion of single VAT registration
- ViDA will apply to all businesses supplying goods/services to EU customers, regardless of location
- Businesses should prepare for ViDA adoption despite lack of unanimous agreement
- Pillar I of ViDA proposes EU-wide digital reporting requirement to tackle VAT fraud, including mandatory e-invoicing and digital reporting for intra-EU transactions
Source: bdo.global
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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