aka elninvoicing Directive, and its impementation report published What is eInvoicing? eInvoicing is the electronic exchange of an invoice document between a supplier and a buyer. An eInvoice is an invoice that has been issued, transmitted and received in a structured data format which allows for its automatic and electronic processing, as defined in EU Directive […]
The EU’s new digital platform seller rules for e-commerce came into effect on 1 January 2023, with the first report by 31January 2024. The administrative obligations in this respect mean the following: This includes the Automatic Exchange of Information (AEOI) between tax authorities too. What does it mean for your business? Find it out by […]
Feedback from tax payers and EU states positive but there are concerns on ‘very ambitious’ timetable EU member states, their parliaments and businesses, professional associations held a public consultation on the 3-pillar ViDA reform. Tax authorities are generally concerned about meeting the deadlines for IT changes and upgrades as detailed final requirements are not yet […]
Political agreement expected in May 2024 The 3-pillared ‘VAT in the Digital Age’ (ViDA) reforms is expected to win political agreement of EU Finance Ministers in May 2024 (potential to slip to June’s meeting). The Finance Minister’s working group on indirect tax measures are close to final agreement on the complex Pillar 1, Digital Reporting […]
Potential revised launch for 3 pillar ViDA reforms to come in February 2024: The EU Parliament’s ECON had voted on 23 October 2023 for a one-year delay to all 3 ViDA pillars. However, this is non-binding but certainly reflects concerns that businesses and tax authorities will not be ready by 2025 for pillars 2 and 3.
EU FMs agree with ViDA proposals at ECOFIN EU Finance Ministers provided the European Commission’s proposed VAT in the Digital Age reforms. At the monthly Economic and Financial Affairs Council (ECOFIN) meeting in Luxembourg, the following points were made: Some states have requested 1-year delay on 2028 e-invoicing harmonisation. What does it mean for your business? […]
Came into effect in 2023 – first report due by 31 January 2024 The new DAC7 tax rules apply to both EU and non-EU digital platforms since 1 January 2023. DAC 7 obliges digital marketplaces to provide data on their sellers’ transactions, covering The information on the above supplies to be provided includes: Annual reports […]
the EU e-commerce marketplace reporting obligation on sellers’ activities The EU’s new digital platform seller rules for e-commerce came into effect on 1 January 2023, with the first report by 31January 2024. This means a standard data format for requests by EU tax authorities from digital marketplaces on their third-party sellers’ VAT transactions. This includes […]
Most firms have set up a war room to triage their immediate response to the crisis. But the lack of visibility around future demand complicates efforts to restart stalled portfolio companies…