VAT REPORTING
The shifting sands of compliance Marco van der Veer considers tech-enabled VAT reporting and digitisation – the major forces reshaping VAT in the EU. Marco van der Veer Head of Technology, Accordance
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urope may only just be waking up after its coronavirus induced sleep, but there are major technology and legislative changes shifting the sands of compliance and accounting practices that have taken no time off at all. Digitisation is coming to Europe. It’s not coming at the same speed in all places, and the approaches across the bloc are significantly different, often contradictory and usually complex to manage. But over the next decade, tech-enabled VAT reporting and digitisation will reshape VAT in the EU. There is much that businesses and accounting professionals need to be doing to prepare themselves for the seismic shifts in both mindset and practice that will occur in the coming years.
The need for digitisation
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© istockphoto/dblight
Though the coronavirus pandemic has caused an unprecedented lull in business activity across a range of sectors, it may conversely heighten the need for and interest in digitisation. With a global recession predicted and many EU countries set to be hit hard, tax authorities may streamline their plans to move towards digitisation, and the unparalleled and at times unfettered access to business data it offers –
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