In May, the Institute, under the auspices of the CCAB-I, responded to the European Commission’s public consultation on VAT in the Digital Age. The Commission recently published its summary report from the 193 responses received.
Some of the key findings from the consultation were:
- A majority of stakeholders noted the negative impacts stemming from the current situation with regards to Digital Reporting Requirements (DRRs).
- Over two-thirds of respondents perceived to a large extent that EU action is necessary in ensuring a more widespread adoption of digital reporting and e-invoicing requirements.
- A majority of stakeholders supported the introduction of an EU DRR for intra-EU transactions.
- Many businesses confirmed that, thanks to OSS, they no longer need to maintain previously held VAT registrations in other Member States, and that the OSS is particularly helpful for SMEs.
Read the full report at cirabc.europa.eu.