- Introduction of the VIDA Package: On November 5, 2024, ECOFIN ministers approved the VIDA package, which will bring significant changes to the VAT system across the EU, with implementation occurring in stages from immediate changes to 2035.
- Changes to the Import One-Stop-Shop (IOSS): A unique transaction number will be introduced for each IOSS transaction to combat fraud, requiring suppliers from third countries to quote this number for customs clearance, ensuring only authorized transactions are processed under the IOSS scheme.
- Mandatory Domestic Electronic Invoicing: Member States can now mandate e-invoicing, eliminating the need for customer consent for e-invoices, which will become compulsory for cross-border trading in all Member States, including Malta, by July 1, 2030, necessitating significant investments in digital infrastructure for businesses.
Source Joseph Sammut
See also
- ViDA – Changes to the EU VAT Directive 2006/112 – Old vs. New articles – VATupdate
- ViDA Directive – Updated Draft Council Directive 2006/112/EC & Updated with ViDA amendements
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