- Tax authorities are working to reduce the EU VAT Gap by speeding up VAT collections.
- They require supplementary invoice transaction control statements with VAT returns.
- These listings of sales and sometimes purchases are in electronic format for analysis.
- VAT Calc’s tax engine provides real-time VAT calculations for these statements.
- There is a shift towards live or e-invoice VAT reporting for real-time data.
- SAF-T is a harmonized schema gaining popularity for covering more VAT transactions.
Source: vatcalc.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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