The EU has put forward a number of measures to modernise the EU’s VAT system so that it works better for businesses and is more resilient to fraud. The proposals are to be implemented “by embracing and promoting digitalisation”.
The claim is that the proposed actions, if implemented, will help Member States to collect up to an additional 18 billion euros per year in VAT revenues “while helping businesses, including SMEs, to grow”.
Specific proposals are as follows:
- a move to real-time digital reporting based on e-invoicing. This will apply for businesses operating cross-border in the EU;
- updated VAT rules for passenger transport and short-term accommodation platforms; and
- the introduction of a single VAT registration across the EU.
https://ec.europa.eu/commission/presscorner/detail/en/IP_22_7514
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Value Added Tax, written by Ciaran McGee MA (Oxon), FCA, CTA, is an extensive volume (over 1,000 pages), written primarily for non-VAT specialist accountants and tax advisers.
