EU Updates E-Invoicing Standard and Proposes Major Financial Sector Tax Reforms

• The EU is updating the EN 16931 e-invoicing standard to support the VAT in the Digital Age (ViDA) initiative, expanding its scope to include B2B transactions and new technical requirements.
• The revised standard mandates features like standardized invoice coding, support for multiple orders, early payment discounts, supplementary data, FX information, and XML attachments.
• The European Parliament’s ECON committee is pushing for reforms to the fragmented financial sector tax system, focusing on the outdated 1977 VAT exemption for financial services.
• Proposed reforms include revising VAT rules for financial services, introducing an alternative to the Financial Transaction Tax (FTT), and implementing temporary windfall taxes on exceptional bank profits.

Source: comarch.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.

---

---