The EU Economic and Financial Affairs Council (ECOFIN) of the EU has adopted all three pillars of the proposed changes to the EU VAT rules as part of the VAT in the digital age (ViDA) initiative following agreement of all 27 Member States.
The ViDA initiative contains the fundamental changes to the common VAT rules across the EU with three pillars and gradual implementation dates which was originally announced in December 2022 and consists of:
Digital Reporting Requirements (DRR): introducing common standardised digital reporting requirements and e-invoicing for intra-community transactions between Member States;
Platform Economy: addressing the challenges for short-term rental of accommodation and passenger transport services by enhancing the role of digital platforms in collecting VAT; and
Single VAT Registration: reducing VAT registration requirements in the EU by expanding the scope of the One Stop Shop (OSS) for imports and the reverse charge for B2B transactions.
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The EU Economic and Financial Affairs Council (ECOFIN) of the EU has adopted all three pillars of the proposed changes to the EU VAT rules as part of the VAT in the digital age (ViDA) initiative following agreement of all 27 Member States.
The ViDA initiative contains the fundamental changes to the common VAT rules across the EU with three pillars and gradual implementation dates which was originally announced in December 2022 and consists of:
Digital Reporting Requirements (DRR): introducing common standardised digital reporting requirements and e-invoicing for intra-community transactions between Member States;
Platform Economy: addressing the challenges for short-term rental of accommodation and passenger transport services by enhancing the role of digital platforms in collecting VAT; and
Single VAT Registration: reducing VAT registration requirements in the EU by expanding the scope of the One Stop Shop (OSS) for imports and the reverse charge for B2B transactions.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
