- The EU adopted reforms under VAT in the Digital Age (ViDA) to promote e-invoicing and digital reporting.
- Over 99 countries are moving towards structured invoice requirements, with 140 expected by 2030.
- ViDA aims to modernize VAT collection, reduce fraud, and support digital trade.
- Key changes include real-time digital reporting, clear VAT rules for the platform economy, and simplified VAT registration.
- E-invoicing is becoming a legal requirement globally, impacting compliance and transaction transparency.
- Non-compliance may lead to blocked invoices and delayed payments.
- Countries like Mexico, Brazil, and Chile have pioneered this model, with Europe now following.
- The 2030 deadline applies to cross-border B2B transactions, but changes are already underway.
Source: sharedserviceslink.com
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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