The European Commission has proposed a reform of the customs rules in the Union, which, among other things, provides for the introduction of customs duties for products whose value is lower than 150 euros. The proposed reform abolishes the current threshold on the basis of which goods with a value of less than 150 euros are exempted from customs duty, which was widely exploited by fraudsters. The... Read more

The biggest impact on retailers and wholesalers is regarding VAT registration, VAT compliance, and cross-border transactions, whereas online marketplaces are impacted the most. Read more

Since VAT is a key component of the fiscalization process, we can state with a certain level of certainty that VAT in the Digital Age (ViDA) will impact fiscalization, especially in regard to online retailers and cross-border sales. Read more

In its core, ViDA covers three distinct but interrelated areas of VAT policy: - Digital reporting requirements (DRRs); - The VAT Treatment of the Platform Economy; and - The Single Place of VAT Registration and Import One-Stop Shop (IOSS) For each of these pillars, a time frame for implementation is set as follows: Digital Reporting Requirements (DRRs) As of January 2028: The propos... Read more

The ViDA initiative, or VAT in the Digital Age, aims to modernize and harmonize the current VAT system in the European Union (EU) in order to curb tax fraud. The initiative is a series of measures that include introducing mandatory electronic invoicing and a transaction-based reporting system for intra-community B2B sales. Starting January 1st, 2028, these new regulations will be mandatory thro... Read more

The European Union (EU) VAT Committee has published a working paper on NFTs, which sets out the current NFT ecosystem landscape and provides qualifying definitions of NFTs and related concepts that are currently undefined in existing EU regulations. The working paper also provides guidance on the VAT treatment of NFT transactions, which must be analyzed on a case-by-case basis to determine whether... Read more

An invoice must go through a variety of processes and phases before it can be archived. There are eight steps that are generally applicable, despite the fact that the processes and the degree of automation may vary dramatically between companies, industries, and geographical areas. Those are: the seller prepares the invoice, the seller issues the invoice, the seller sends the invoice, the bu... Read more