- The EU updated the eInvoicing standard EN 16931 to ensure electronic invoices are compliant, interoperable, and ready for the VAT in the Digital Age (ViDA) framework.
- New extensions allow businesses to adapt EN 16931 for B2B transactions, supporting industry-specific needs while maintaining compliance.
- Updated technical specifications and code lists are released bi-annually, requiring businesses to keep systems current for compliance.
- The Semantic Data Model and VAT reporting guidance were ratified, clarifying real-time VAT reporting requirements for intra-EU transactions.
- The new Digital Reporting Requirements (DRR) mandate VAT reports based on EN 16931, distinct from invoices, helping businesses prepare for future reporting obligations.
Source: fintua.com
Click on the logo to visit the website
Subscribe to the FINTUA Newsletter
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.
Latest Posts in "European Union"
- Comments on T-638/24: Double dip alert – an incorrect invoice can create multiple VAT liabilities
- EESC Opinion: EPPO and OLAF Access to EU-Wide VAT Data to Combat Fraud
- Comments on ECJ Case C-232/24: ‘Financing’ Not Exempt in VAT Assessment of Factoring Transactions in Kosmiro Case
- Understanding the VAT Gap: Impact on Global Compliance, Business Operations, and Digital Tax Reforms
- Digital VAT Controls in the EU: New Compliance Challenges for Cross-Border Business in 2025
