UK failed in its EU obligations over VAT and terminal markets
In European Commission v United Kingdom of Great Britain and Northern Ireland (Case C‑276/19) (14 May 2020) the CJEU held that by making certain changes to the scope of the VAT (Terminal Markets Order) SI 1973/173 without applying for authorisation from the European Commission the UK had failed to fulfil its obligations under the EU VAT Directive 2006/112/EC.
The Terminal Markets Order (TMO) broadly provides for the zero-rating of supplies in the course of dealings on certain ‘terminal markets’. The Order has been amended on several occasions to introduce new simplification measures extending zero-rating and exceptions to the normal requirement to keep VAT records.
Between 1980 and 1999 the list of markets covered by the TMO was amended to include: the London Potato Futures Market; the International Petroleum Exchange of London; the London Meat...
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UK failed in its EU obligations over VAT and terminal markets
In European Commission v United Kingdom of Great Britain and Northern Ireland (Case C‑276/19) (14 May 2020) the CJEU held that by making certain changes to the scope of the VAT (Terminal Markets Order) SI 1973/173 without applying for authorisation from the European Commission the UK had failed to fulfil its obligations under the EU VAT Directive 2006/112/EC.
The Terminal Markets Order (TMO) broadly provides for the zero-rating of supplies in the course of dealings on certain ‘terminal markets’. The Order has been amended on several occasions to introduce new simplification measures extending zero-rating and exceptions to the normal requirement to keep VAT records.
Between 1980 and 1999 the list of markets covered by the TMO was amended to include: the London Potato Futures Market; the International Petroleum Exchange of London; the London Meat...
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