Hungarian EU presidency achieved success with compromise on VAT in digital age Finance Minister Mihály Varga highlights two years of negotiations leading to compromise Package expected to be approved at Ecofin meeting...
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EU’s VAT Reform: Enhancing Compliance and Combatting Fraud in the Digital Age
EU has modernized its VAT system with the “VAT in the Digital Age” initiative Measures include real-time digital reporting, enhanced platform responsibilities, and one-stop-shop mechanisms for VAT...
8 months ago
EU Adopts ViDA Initiative: Changes to VAT Rules in the Digital Age Explained
EU has reached agreement on VAT in the digital age (ViDA) proposal Measures to be adopted gradually from 2027 to 2035 ViDA initiative aims to ensure VAT compliance, prevent tax fraud, and elevate VAT regulations for the...
8 months ago
ViDA Package: Three-Pillar Agreement Reached at ECOFIN Council Meeting on 5 November 2024
EU Member States reached a political agreement on the ‘VAT in the Digital Age’ package (ViDA) at the ECOFIN Council meeting on 5 November 2024 ViDA package consists of three pillars: Digital Reporting...
8 months ago
ECOFIN Approves VAT in Digital Age Package: Key Changes and Implications for Businesses
EU Finance Ministers at ECOFIN approved the VAT in the Digital Age (ViDA) package on 5 November 2024 ViDA aims to streamline and harmonize EU’s VAT rules, reduce administrative burdens, and safeguard tax revenues...
8 months ago
Final Consultations on Mandatory National e-Invoice System (KSeF)
Implementation Timeline for KSeF: The Ministry of Finance has proposed the mandatory National e-Invoicing System (KSeF) for all taxpayers, starting from 1 February 2026 for large enterprises and from 1 April 2026 for...
8 months ago
ViDA Proposal: Political Agreement Reached to Modernize EU VAT System
Political agreement reached on proposal to change VAT rules significantly ViDA proposal will modernize the EU VAT system Introduces digital VAT reporting and new obligations for platforms Aims to minimize VAT fraud and...
8 months ago
EU Member States Achieve Consensus on ViDA Package: A Step Towards Modernizing VAT Systems
EU member states reached a political consensus on the ViDA package on 5 November 2024 The package aims to modernize VAT systems across the EU The proposal includes changes to VAT rules for the platform economy and e...
8 months ago
EU agreement on VAT in digital era: political consensus reached, formal adoption pending
EU member states have reached political agreement on VAT rules for the digital age The agreement includes making VAT reporting obligations for cross-border transactions fully digital by 2030 Online platforms will be...
8 months ago
Estonia Agrees to Support EU Platform Economy Rules After Compromise Offered by Hungary
Estonia initially blocked endorsement of the package in the Council twice Estonia agreed to support the initiative after a compromise was offered by the Hungarian rotating presidency of the EU The compromise allows...
8 months ago
ViDA Act: Revolutionizing VAT Compliance in the EU for a Digital Future
ECOFIN approved the VAT in the Digital Age (ViDA) Act on November 5, 2024 ViDA Act aims to streamline VAT processes and standardize electronic invoicing across EU member states ViDA implementation timeline includes...
8 months ago
New Zealand Government Expands Peppol E-Invoice Usage for Faster Settlement by 2026.
New Zealand government will expand the use of structured Peppol e-invoices by 2026 Businesses will be guaranteed faster settlement in invoices to encourage adoption of e-invoices Source: vatcalc.com Note that this post...
8 months ago
Latvia Implements Mandatory E-Invoicing to Enhance Transparency and Combat Tax Fraud
Latvian parliament approved amendments to Accounting Law for mandatory e-invoicing Implementation timeline: January 1, 2025: structured e-invoices in B2G transactions January 1, 2026: structured e-invoices in B2B...
8 months ago
Saudi Arabia Announces 17th Wave of Taxpayers for Phase 2 E-Invoicing Integration
Saudi Arabian Tax and Customs Authority (ZATCA) announced the 17th wave of Phase 2 of the e-invoicing initiative The 17th wave includes taxpayers with a revenue of at least SAR 2.5 million subject to VAT during 2022 or...
8 months ago
Latvian Parliament Passes Law Mandating e-Invoicing for Businesses Starting 2025
Latvian Parliament approved mandatory e-Invoicing requirements on 31 October 2024 Law on Amendments to the Accounting Law must be signed by the president and published in the Official Gazette to enter into force Source:...
8 months ago
Challenges and Decisions for Polish Lawmakers: Implementing ViDA Package by November 6, 2024
ViDA package finally adopted after nearly two years of negotiations Package includes digital reporting, e-invoicing, and economy of digital platforms Controversies arose around digital reporting and economy of digital...
8 months ago
VAT in the Digital Era (ViDA): Three Key New Measures for Businesses
The European Commission welcomes the general approach announced by the Council regarding the proposals for VAT in the digital era The new measures aim to make the EU VAT system more business-friendly and resilient to...
8 months ago
Measures for VAT in the digital era and tax aspects of Draghi’s Eurogroup report.
Measures for VAT in the digital era and tax aspects of Draghi’s report on the Eurogroup table Minister of National Economy and Finance, Kostis Hatzidakis, calls for more ambition in EU competitiveness Resolution...
8 months ago
Key Changes in KSeF Law and Perspectives for Taxpayers
The topic of KSeF is back on the government’s agenda after a period of relaxation due to the decision to postpone its implementation until 2026. Final consultations on KSeF took place at the end of October and the...
8 months ago
MDDP Expert Interview: Changes in National e-Invoicing System and Impact on Businesses
Ministry of Finance is working on amending the law regarding the National e-Invoice System The project is expected to be presented to the Council of Ministers by the end of the year The system has been functioning on a...
8 months ago
Key Provisions of Kenya’s Tax Laws (Amendment) Bill 2024: A Detailed Overview
Kenya’s National Assembly presented the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024 Both bills are currently under review at the National Assembly The Tax...
8 months ago
Changes to VAT invoicing rules in Sweden and the EU clarified.
Assessment made based on section B-1 of explanatory notes on invoicing Decision to no longer apply the “Scope of application of the VAT Act’s invoicing rules” Text removed and clarifications made under...
8 months ago
ViDA Package for VAT in the Digital Age Approved by EU Finance Ministers
EU finance ministers approved the VAT in the Digital Age (ViDA) package at the ECOFIN meeting Agreement was reached on the pillars of ‘Single VAT registration’ and ‘Digital reporting and E...
8 months ago
EU Agreement: Online Platforms to Collect and Remit VAT for Tax Fraud Prevention and Support
EU ministers of Finance have agreed on digitalizing the VAT system in Europe after two years of negotiations New rules include electronic invoicing, real-time data provision, and activities on digital platforms to...
8 months ago
2025 Budget: South Korea’s VAT Act Amendments to Boost Digital Compliance and Support Small Businesses
South Korea proposes amendments to VAT Act for 2025 budget Bill includes measures to encourage digital compliance, prevent tax evasion, and support small businesses Key changes include extending VAT deduction period for...
8 months ago
Key Changes in Draft Law: KSeF Returns to Agenda with Perspectives for Taxpayers
KSeF has returned to the government’s agenda after a temporary pause Implementation of KSeF will be phased, starting in 2026 for taxpayers with sales exceeding PLN 200 million Digitally excluded taxpayers will...
8 months ago
Transition to EU-wide e-invoicing and digital reporting standard for VAT: Three-step process by 2030.
Gradual transition to an EU-wide e-invoicing and digital reporting standard for VAT Three steps in the process: 1. Twenty days after official publication of the proposal (aim: first half of 2025) Member states can make...
8 months ago
EU Agreement: Online Platforms to Collect and Remit VAT – Boosting Digitalization and Fighting Fraud
EU ministers of Finance have agreed on digitalizing the VAT system in Europe after two years of negotiations New rules include electronic invoicing, real-time data provision, and activities on digital platforms to...
8 months ago
