On 8 December 2022, the European Commission unveiled its VAT in the Digital Age (ViDA) proposal. This three-part proposal intends to modernise and make the EU’s VAT system business friendly by embracing and promoting digitalisation.
Prepare for these changes by attending our free webinar as we discuss an overview of this proposal and its three pillars:
VAT reporting obligations and e-invoicing for businesses that operate cross-border in the EU: Requiring businesses, both vendors and recipients, to submit their VAT invoice data electronically to the tax authorities of the relevant EU member state.
VAT treatment of the platform economy: Ensuring that treatment between the digital and traditional sectors of short-term accommodation rental and passenger transport is levelled by obligating the platforms to account for relevant EU member state’s VAT.
Single EU VAT registration for trading across the EU: The existing Union One Stop Shop (OSS) scheme for B2C intra-EU supplies of goods and services is to be extended. A new OSS scheme is to be introduced for intra-EU movements of own stock. The Import One Stop Shop (IOSS) scheme is to be made mandatory for marketplace operators for the importation of low-value consignments into the EU.
With the inevitable digital overhaul of financial infrastructures, it's crucial that business leaders’ prepare for VAT in the Digital Age. Help ensure your business is prepared – Watch on demand now.
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