European Parliament Endorses Resolutions on VAT Rules

The European Parliament Nov. 22 passed Legislative Resolution Nos. P9_TA(2023)0421, P9_TA(2023)0422, and P9_TA(2023)0423, on VAT rules. The resolutions include measures: 1) introducing digital reporting requirements (‘DRR’) to combat EU intra-community fraud; 2) establishing a central electronic VAT information exchange system (‘central VIES’) for sharing VAT information and detecting any mismatches in a timely manner to improve the capability to fight VAT fraud; 3) protecting citizens fundamental rights as taxpayers, namely the right to privacy, data protection, and trade secrets; 4) storing business data collected through e-invoicing and e-reporting physically within the Union; and 5) accepting VAT returns in euros and, ...