The European Commission has presented its action plan for a modernised EU VAT system. See www.bit.ly/1Xu2QcI. The high level plan, on which more detail is expected by the end of 2016 and during 2017, includes:
The European Commission has presented its action plan for a modernised EU VAT system. See www.bit.ly/1Xu2QcI. The high level plan, on which more detail is expected by the end of 2016 and during 2017, includes:
· a future single EU VAT area with more fraud-proof collection system: cross-border transactions would continue to be taxed at the rates of the member state of destination, but the way taxes are collected would change gradually, supported by an EU-wide web portal on the lines of the ‘mini one-stop shop’;
· short term measures for exchange of information related to fraud: later this year, the Commission will propose measures to reinforce current tools used by member states to exchange information related to VAT fraud;
· two options to give member states greater flexibility over reduced rates: one would maintain the minimum standard rate of 15% with regular reviews of the list of goods and services benefiting from reduced rates; the other would abolish the list, although the currently applicable zero and reduced rates would be maintained;
· simplified rules for e-commerce as part of the digital single market strategy, with proposals by the end of 2016; and
The European Commission has presented its action plan for a modernised EU VAT system. See www.bit.ly/1Xu2QcI. The high level plan, on which more detail is expected by the end of 2016 and during 2017, includes:
The European Commission has presented its action plan for a modernised EU VAT system. See www.bit.ly/1Xu2QcI. The high level plan, on which more detail is expected by the end of 2016 and during 2017, includes:
· a future single EU VAT area with more fraud-proof collection system: cross-border transactions would continue to be taxed at the rates of the member state of destination, but the way taxes are collected would change gradually, supported by an EU-wide web portal on the lines of the ‘mini one-stop shop’;
· short term measures for exchange of information related to fraud: later this year, the Commission will propose measures to reinforce current tools used by member states to exchange information related to VAT fraud;
· two options to give member states greater flexibility over reduced rates: one would maintain the minimum standard rate of 15% with regular reviews of the list of goods and services benefiting from reduced rates; the other would abolish the list, although the currently applicable zero and reduced rates would be maintained;
· simplified rules for e-commerce as part of the digital single market strategy, with proposals by the end of 2016; and
