- The EU’s VAT in the Digital Age (ViDA) initiative is a major reform aimed at modernizing VAT processes, reducing fraud, and streamlining cross-border trade across the EU. It introduces harmonized e-invoicing and near real-time reporting for businesses, addressing issues like VAT fraud and administrative complexity. ViDA focuses on e-invoicing, a single VAT return for EU trade, and the platform economy to reduce the €93 billion VAT gap. It will significantly impact organizations, requiring interdisciplinary collaboration and offering opportunities for process improvement. Italy and France have already begun implementing digital invoices, and ViDA will make this standard across all EU Member States.
Source: p2pnetwork.org
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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