The EU VAT in the Digital Age Changes have been agreed
The EU VAT in the Digital Age Changes have been agreed
In late 2022 the European Commission launched its long-awaited proposals to modernise VAT rules within the EU, collectively known as the ‘VAT in the Digital Age package’ (VIDA). These will have a significant impact on businesses trading across the EU and also businesses outside the EU including the UK.
The VIDA proposals consist of three key Pillars, commonly referred to as:
- Digital reporting and E-invoicing
- The Platform economy
- The Single VAT Registration
What has happened since 2022?
After the initial launch of the proposals, there were numerous attempts to achieve unanimous agreement amongst the 27 member states to the entire package. In May 2024, a compromise proposal was rejected due to one member state refusing to agree – related to concerns over the impact of the platform economy changes on SME's.
However, in early November 2024, member states have now agreed to a further compromise package. Following consultation with the EU Council, this package will be introduced in stages, with most changes occurring in the period 2027 - 2030, with a final alignment of E-invoicing and reporting standards scheduled to occur in January 2035.
What are the details of the VIDA package?
The package comprises three separate pillars. These are the pillars, in implementation order.