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The three changes needed to bring VAT into the digital age

The basic elements that make up a VAT system befitting the digital age were presented during a fireside chat at the 7th Cyprus International Tax Conference.

Taking part in the discussion were Michael C. Grekas, Partner & Indirect Tax Services in Cyprus, KPMG, and George Liasis, Indirect Tax Partner EY and President of ICPAC’s VAT committee.

During their discussion, the two experts outlined the three necessary changes to make VAT fit for the digital age.

As they explained, a key need is to have a new real-time digital reporting system based on electronic invoicing. The need for modernisation to be consistent with the digital age was emphasised. "Real time recording is everything," Grekas indicated.

Updated VAT rules for the platform economy were the second big necessity focused on during the discussion.

The third important parameter suggested was the single VAT registration for businesses that sell to consumers throughout the EU.

(Source: InBusinessNews)

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