- Objective of Single VAT Registration: The Single VAT registration under the ViDA initiative aims to significantly reduce the need for multiple VAT registrations for businesses operating in the EU, with the new rules set to take effect on July 1, 2028. However, some businesses may still need to register in multiple Member States.
- Key Components of the Reform: The reform includes an extension of the One Stop Shop (OSS) regime to cover domestic supplies and certain utilities, an extension of the mandatory reverse charge rule for B2B transactions, and the introduction of a special scheme for reporting the transfer of own goods between Member States to simplify VAT compliance.
- Impact and Compliance Considerations: The extensions of the OSS and the reverse charge rule are expected to ease administrative burdens for businesses, though the requirement to report transfers of own goods remains. Businesses must adapt to these changes and ensure compliance to avoid penalties, particularly as digital reporting obligations will apply starting July 1, 2030.
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