ECOFIN’s Approval of ViDA: Streamlining VAT Rules for the Digital Economy

• ECOFIN approved the VAT in the Digital Age (ViDA) package on 5 November 2024
• ViDA aims to streamline and harmonize EU VAT rules, reduce administrative burdens, and safeguard tax revenues
• The package includes compromises and new start dates compared to the original proposals
• Main pillars of ViDA include digital reporting requirements, platform economy regulations, and simplifying VAT compliance
• Changes approved include electronic invoicing becoming the default system, real-time reporting for cross-border transactions, and replacing EC sales listings with DRR
• Member States can authorize other invoices for domestic supplies and must align with the required standard for electronic invoices issued in compliance with ViDA

Source: news.pwc.be

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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