- The European Commission released an implementation strategy for the VAT in the Digital Age (VIDA) package.
- VIDA aims to modernize VAT administration in the EU with e-invoicing, new VAT rules for the platform economy, and simpler registration.
- Key measures include real-time digital reporting, new VAT responsibilities for platform operators, and an expanded VAT One Stop Shop model.
- The strategy outlines a timeline for implementation from 2025 to 2035, with various milestones for member states.
- The package is expected to significantly reduce VAT revenue losses and generate substantial economic benefits.
Source: answerconnect.cch.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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