ECOFIN approved the VAT in the Digital Age (ViDA) Act – Compromise has been reached

November 5, 2024 marks a milestone in the digital evolution of VAT compliance in Europe. The compromise text on the ViDA legislation (VAT in the Digital Age) has been accepted. This means we are on our way to a uniform and digitized VAT system within the EU, where e-invoicing becomes the new standard for intra-community transactions.

Timeline ViDA

• Jan 2025: Derogation requirement for e-invoicing abolished
• Jan 2027: Updates in the e-commerce package
• Jul 2028: Single VAT registration and voluntary implementation of Platform Economy
• Jan 2030: Mandatory Platform Economy
• Jul 2030: Mandatory Digital Reporting and e-invoicing
• Jan 2035: Harmonization of pre-2024 existing national e-invoicing with EU standards

BREAKING: ECOFIN approved the VAT in the Digital Age (ViDA) Act – Compromise has been reached – VATupdate

ViDA – Consolidated version of the EU VAT Directive 2006/112/EC once ViDA Act will be enacted

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