After nearly two years, the EU's finance ministers have finally agreed on how VAT rules and VAT reporting will work going forward.
"The new rules update our VAT system to match the digitization of our economies, help combat VAT fraud, and ease the administrative burden on small businesses and individuals," says the presiding country Hungary's Finance Minister Mihály Varga in a press release.
The new rules – with the EU abbreviation Vida – mean, among other things, that platforms in industries such as accommodation and transportation will be given greater responsibility for ensuring that VAT is reported.
This should not make it more difficult. But there will be much greater demands on actually doing it right and reporting, says Finance Minister Elisabeth Svantesson (The Moderate Party).
