- ViDA Package Overview: The ViDA package, published by the European Commission, consists of three legal acts aimed at modernizing the EU VAT system to combat fraud and support businesses, with an estimated net benefit of €172-214 billion over ten years.
- Key Changes: The package introduces three main components: Digital Reporting Requirements (near-real-time reporting for B2B transactions), the Platform Economy (platforms as deemed suppliers for VAT), and Single VAT Registration (reducing multiple VAT registrations through the extension of the OSS model).
- Implementation Timeline and Action Points: The phased rollout begins in April 2025, with mandatory e-invoicing by July 2030. CFOs must assess compliance readiness, plan IT developments, and engage in cooperative discussions to ensure timely implementation of the new VAT regulations.
Source Daniel Więckowski
See also
- ViDA Compliance Guide: How to Prepare for the Initiative
- Briefing Document: “VAT After ViDA” – Reflections on the Future of EU VAT – VATupdate
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
- Join the LinkedIn Group on ”VAT in the Digital Age” (VIDA), click HERE
Latest Posts in "European Union"
- ECJ Customs C-86/24 (CS STEEL a.s.) – Judgment – EU Court Rules on Non-Preferential Origin and Substantial Transformation
- Harnessing Real-Time Technology to Close the VAT Gap: The Role of E-Invoicing and Split Payment Systems
- European Commision report on VAT rates — Derogations applied by Member States
- EU’s ViDA in Motion: How EU Member States Are Preparing for implementing Digital Reporting Requirements (DRR)
- Roadtrip through ECJ Cases – Focus on ”Deemed supply of services” (Art. 25-28)”
