European Union: Submitted Proposal for a Council Regulation amending Regulation (EU) No 904/2010 as regards the VAT administrative cooperation arrangements needed for the digital age

On 8 December 2022, the European Commission submitted a proposal for a Council Regulation amending Regulation (EU) No 904/2010 as regards the VAT administrative cooperation arrangements needed for the digital age. The Proposal aims to standardise the data on each transaction that entities subject to VAT in the European Union must report electronically to the tax authorities. Furthermore, the Proposal would establish a Single VAT Registration (SVR), require entities to provide information on the persons involved in intra-community transactions and expand the record-keeping obligations to platforms providing short-term accommodation rental and business-to-business supplies services.