OECD Issues Guidance on Digital VAT Transaction Reporting to Promote Global Standardisation and Compliance

• The OECD has issued guidance to help countries implement digital continuous transaction reporting (CTR) systems for VAT, aiming for more consistent and less fragmented international VAT reporting.
• The guidance highlights six key considerations: strategic system design, international data exchange, alignment with e-invoicing, data security, ease of compliance for businesses, and system stability/scalability.
• Digital CTR systems enable near real-time invoice data reporting, improving VAT compliance and fraud detection, but current systems are fragmented and lack interoperability.
• The OECD encourages standardisation to make compliance easier for multinational businesses and strengthen VAT enforcement.
• The guidance signals a trend toward real-time VAT reporting and greater standardisation, impacting future VAT compliance requirements for businesses.

Source: globalvatcompliance.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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