- EU ViDA Directive introduces e-invoicing and significant VAT changes
- Marian Stankovic is a specialist in European affairs, working with business organizations as an analyst focused on legislation affecting the business environment in Slovakia
- Articles by the author cover topics like mandatory energy efficiency, shorter invoice payment terms, stricter labeling rules for honey and jams, new packaging rules from 2030, right to repair, new EU budget revenues, and more
- VAT is a crucial revenue source for EU member states, contributing about 1 trillion euros annually
- In 2021, VAT accounted for 18 percent of all taxes collected in the EU, with varying importance across countries
- The VAT gap, the difference between expected and actual VAT collection, was about 93 billion euros in 2020
- Main causes of the VAT gap include carousel and domestic fraud, administrative errors, bankruptcies, and legal tax optimization
- Improved cooperation between countries has helped reduce the VAT gap
- The European Public Prosecutor’s Office has uncovered significant VAT fraud since its inception in 2021
- Compliance with VAT rules is administratively demanding for companies, especially in cross-border sales
- Annual compliance costs range from approximately 3,000 euros for micro-enterprises to nearly 6,000 euros
Source: podnikajte.sk
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.
