- ECOFIN Council agrees on details of ViDA project, which aims to create a transaction-based VAT reporting system
- ViDA will require the use of mandatory e-invoices, starting in Germany in 2025
- New reporting system will capture real-time cross-border transactions and replace existing summary reports
- Initial focus will be on B2B transactions in the EU, with the goal of combating VAT fraud
- Implementation of ViDA will require changes to VAT directives and regulations, with full European system expected by 2030
- Extended chain of supply fiction will be applied to online service providers like Airbnb and Uber to address tax evasion issues
- Expanded One Stop Shop system will allow for simplified VAT registration for cross-border B2C transactions in the EU
Source: blog.esche.de
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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