In brief: digital market; Guernsey; Monaco

European Commission strategy for single digital market

The European Commission has set out its digital single market strategy for Europe with the publication of its Commission staff working document and Communication. Planned VAT changes include: extending the current single electronic registration and payment mechanism to cross-border online sales of physical goods; setting a common EU wide VAT threshold; and abolishing the small consignments relief for non-EU imports. The Commission will also review the VAT mini one-stop shop and 2015 place of supply rule changes. Changes are planned to be introduced in 2016 and require approval of all 28 member states.

Guernsey consults on public register of beneficial ownership

Guernsey is consulting until 10 July 2015 on whether to establish a central register of beneficial ownership information for Guernsey companies.

UK/Monaco TIEA

The tax information exchange agreement (TIEA) between the UK and Monaco, signed in October 2014 (London) and December 2014 (Monaco), entered into force on 22 April 2015.