14 March 2023 — Publication
This factsheet summarises the main changes from the European Commission’s proposals to modernise the European VAT systems. The proposals were issued in December 2022 with the intention to:
The proposals’ main area of change is to promote e-invoicing and have a near real-time reporting system for intra-EU cross-border commerce by 2028. Implementing the provisions will be a challenge for many tax authorities and businesses, especially SMEs (small and medium-sized entities).
This publication aims to support businesses and their advisors who should take note of the potential changes as soon as possible.