The EU has introduced far-reaching legislation governing the digital reporting of transactions, write Luigi Lungarella and Nadav Shayovitz (PKF Littlejohn).
On 8 December 2022 the European Commission proposed wide ranging draft legislation amending VAT Directive 2006/112/EC Council Implementing Regulation EU 282/2011 and Council Regulation on Administrative Cooperation EU 904/2010 as part of the VAT in the digital age (ViDA) package (see bit.ly/digitalvat). These far-reaching proposals aim to modernise the EU’s VAT system by promoting harmonised e-invoicing and digital reporting requirements helping to reduce fraud and VAT loss through non-reporting of VAT as well as reducing compliance costs for businesses currently having to comply with fragmented reporting requirements across the EU.
The proposed legislation needs to be adopted by the Council of the European Union after receiving an opinion from the European Parliament and the European Economic and Social Committee before then being transposed into member states’...
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The EU has introduced far-reaching legislation governing the digital reporting of transactions, write Luigi Lungarella and Nadav Shayovitz (PKF Littlejohn).
On 8 December 2022 the European Commission proposed wide ranging draft legislation amending VAT Directive 2006/112/EC Council Implementing Regulation EU 282/2011 and Council Regulation on Administrative Cooperation EU 904/2010 as part of the VAT in the digital age (ViDA) package (see bit.ly/digitalvat). These far-reaching proposals aim to modernise the EU’s VAT system by promoting harmonised e-invoicing and digital reporting requirements helping to reduce fraud and VAT loss through non-reporting of VAT as well as reducing compliance costs for businesses currently having to comply with fragmented reporting requirements across the EU.
The proposed legislation needs to be adopted by the Council of the European Union after receiving an opinion from the European Parliament and the European Economic and Social Committee before then being transposed into member states’...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
