Overhaul of VAT process
Last month, we published some significant updates in relation to Belgium’s intent to mandate B2B e-invoicing in the country. You can read more in respect of the same here. Belgium’s outreach in respect of the digitisation of its fiscal procedures has extended yet further beyond the e-invoicing topography as it looks to simplify and streamline its fiscal infrastructure on a much more extensive scale. The proposed Bill No. 55K3128001 includes the procedures which, once facilitated, aim to achieve this underlying objective. A particularly significant change proposed by the bill is the introduction of automated processing of periodic VAT declarations and payments. The Bill is currently with the Belgian Parliament for approval, and is expected to come into effect, if approved, on 1 January 2024. This aligns with proposed e-invoicing and e-reporting transitions in Belgium, hinting at prevalent fiscal change in the country in 2024.