Grand plan may now fall to side as VAT in the Digital Age reforms progress The proposed grand solution to tackle over €50billion in EU VAT fraud, the Definitive VAT System, is in trouble. The plan to switch from an origin to destination-based VAT on
VAT – gig and sharing economies As part of the VAT in the Digital Age review of the impact and best policies for indirect tax reforms, the European Commission is reviewing ‘VAT Treatment of the Platform Economy’. This includes the VAT effects for the gig
Can the definitive VAT system or other reforms close fraud gap? The European Parliament has reviewed a range of measures to close EU VAT Gap – the difference between forecast VAT revenues versus actuals. This was as a formal European added value (EAV) assessment, to
EC seeks to harmonise live transaction reporting – 3 alternatives The European Commission (EC) is undertaking a review to introduce harmonised Transaction Based Reporting (TBR) across the 27 member states, which includes potentially e-invoicing. This is part of the VAT in the Digital Age, reforms
The introduction on 1 July 2021 of the new Import One-Stop Shop IOSS is helping thousands of sellers report sales VAT on their sales of imported consignments not exceeding €150. But deemed supplier marketplaces or ‘electronic interfaces’ may also opt to use them too. Register
May 2023 update: The EC has proposed ending the €150 VAT threshold on consignment stocks from March 2028. On 1 July 2021, the EU e-commerce package introduced the obligation to charge sales VAT at the point-of-sale on sales of goods consignments with an intrinsic value
The European Union member states have adopted changes to the data sharing rules to facilitate fraud detection around the new IOSS import VAT scheme which was implemented as part of the EU e-commerce VAT package on 1 July 2021. IOSS exempts consignments not exceeding €150
OECD agreement by almost 140 countries on reforms puts EU DST on pause The EU’s European Commission has announced that it will pause its Digital Levy, a proposed Digital Services Tax, until at least October 2021. It will wait on the details of the OECD’s
The EU e-commerce VAT package introduced the requirement for non-EU sellers or marketplaces using the new import scheme – IOSS Import One-Stop Shop – to appoint an EU resident Intermediary. IOSS is the new return introduced from 1 July 2021 for reporting the import distance
VAT compliance simplifications; new tax collections role for marketplaces On 1 July 2021, the European Union introduced three key reforms to simplify their B2C e-commerce VAT regime, and help eliminate an estimated €1.5 billion in fraud affecting the EU B2C goods sector. The reforms will
