The Isle of Man Treasury has published two sets of regulations to introduce the EU VAT ‘quick fixes’ for uniform treatment of cross-border chain transactions and call-off stock arrangements.
The Value Added Tax (Place of Supply of Goods) (Amendment) Order 2020 and Value Added Tax (Amendment) Regulations 2020 came into force on 16 January 2020, making changes to the VAT treatment of cross border chain-transactions and information requirements for zero-rating of intra-community supplies (see bit.ly/2sQAy8K).
The draft Value Added Tax Act 1996 (Amendment) Order 2020 will introduce changes in relation to call-off stock arrangements (see bit.ly/2twz4AX).
These changes will have effect from 1 January 2020.
The regulations on chain-transactions correspond to those made for the UK in SI 2019/1507 and SI 2019/1509. In the UK, changes to call-off stock arrangements are being implemented through legislation in Finance Bill 2020.
The Isle of Man Treasury has published two sets of regulations to introduce the EU VAT ‘quick fixes’ for uniform treatment of cross-border chain transactions and call-off stock arrangements.
The Value Added Tax (Place of Supply of Goods) (Amendment) Order 2020 and Value Added Tax (Amendment) Regulations 2020 came into force on 16 January 2020, making changes to the VAT treatment of cross border chain-transactions and information requirements for zero-rating of intra-community supplies (see bit.ly/2sQAy8K).
The draft Value Added Tax Act 1996 (Amendment) Order 2020 will introduce changes in relation to call-off stock arrangements (see bit.ly/2twz4AX).
These changes will have effect from 1 January 2020.
The regulations on chain-transactions correspond to those made for the UK in SI 2019/1507 and SI 2019/1509. In the UK, changes to call-off stock arrangements are being implemented through legislation in Finance Bill 2020.
