Local businesses are invited to participate in the Malta Business Bureau’s (MBB) upcoming online webinar to get informed on changes the European Commission is proposing in relation to value added tax (VAT).
The EU Commission has introduced a package of proposals to address the challenges faced by companies in the digital economy in relation to VAT. The package’s key actions aim to support the growth of businesses, particularly SMEs and cross-border operators, as well as to help member states recover billions of euros annually in VAT revenues.
The new system will equip member states with crucial information to combat VAT fraud by implementing real-time digital reporting by companies through e-invoicing. It will also streamline administrative processes and lower compliance costs, fostering harmonisation across EU countries and enabling the establishment of national digital reporting systems.
The EU VAT in the Digital Age also proposes the implementation of a single VAT registration system throughout the EU, expanding upon the existing ‘VAT one-stop-shop’ model for online shopping companies.
This allows businesses selling to consumers in other member states to register only once for VAT purposes for the entire EU, streamlining their obligations through a single online portal in a common language.
Moreover, the package introduces updated VAT rules for passenger transport and short-term accommodation platforms in the sharing economy.
Under these new rules, operators in these sectors will bear the responsibility of collecting and remitting VAT to tax authorities on behalf of their users. This uniform approach across all member states will not only level the playing field between online and traditional short-term accommodation and transport services providers but also simplifies the VAT compliance process for operators across the EU.
The MBB’s upcoming webinar is taking place on Tuesday 6th June, between 9.30am and 10.30am, and will provide more detailed information on these reforms.
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