- The EU is implementing the VAT in the Digital Age (ViDA) reform to modernize VAT compliance through digital, near real-time invoicing and reporting.
- ViDA introduces standardized digital reporting, harmonized e-invoicing across member states, and updated VAT rules for new business models.
- The reform aims to reduce VAT fraud, improve compliance, and increase efficiency for both tax authorities and businesses.
- Continuous Transaction Controls (CTC) will require businesses to share transaction data with authorities in near real time, making compliance an ongoing process.
- ViDA mandates structured, machine-readable e-invoicing for intra-EU B2B transactions, moving away from traditional PDF or paper invoices.
Source: docnova.ai
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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