- Approval of the ViDA Initiative: On February 12, 2025, the EU Parliament approved the draft of the VAT in the Digital Age (ViDA) initiative, marking a significant step towards reforming the EU VAT system. This approval follows an agreement reached by Finance Ministers in November and aims to amend the EU VAT Directive.
- Three-Pillar Reform Framework: The ViDA initiative is structured around three key pillars: mandatory digital reporting requirements for intra-EU B2B transactions, enhancements to the legislative framework governing the platform economy, and the establishment of a single VAT registration system to ease compliance burdens for SMEs operating across multiple Member States.
- Focus on Digital Transformation: The reform aims to reduce the EU VAT gap and includes the introduction of a digital reporting system and structured e-invoicing across the EU by July 2030, representing a significant technological shift in VAT reporting practices and requiring substantial investments from businesses.
Source 1stopvat
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