28 July 2022
The European Commission (EC) will publish details of major reforms to the VAT regime on 16 November 2022.
Known collectively as “VAT in the digital age”, these reforms aim to:
- Simplify VAT registrations for specific cross-border business to consumer and business to business transactions by extending the One-Stop-Shop to include more types of supplies.
- Introduce a blanket digital reporting requirement including live transaction reporting and e-invoicing, to prevent VAT errors and fraud.
- Implement further requirements for digital marketplaces (electronic interfaces) to collect VAT on behalf of its sellers.
It's hoped that these reforms will help to reduce compliance costs for businesses and the tax authorities, and also cut the VAT Gap (the difference between the amount of VAT due and the amount of VAT collected in EU member states).
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