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This is a page for the tag EU VAT
VAT gap in the European Union
by Anthony Kerr, getsix.eu, Wrocław, Poland 17 October 2017 The EU recently announced the latest analysis of missing EU VAT (the ’VAT Gap’) from fraud, bankruptcies and poor administration, has fallen to €151.5 billion in 2015, comparing to €160 billion in 2014. The most recent estimation of unaccounted for VAT...
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The EU confront international tax challenges
by Anthony Kerr, getsix.eu, Wrocław, Poland 12 October 2017 On 16th September, 2017, in Tallinn, Estonia, the EU’s Economic and Financial Affairs Council (ECOFIN) met to discuss ways to confront international tax challenges posed by the digital economy. (Mr Toomas Toniste, Minister for Finance, Estonia) In early September, the Finance...
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EU digital turnover tax – VAT in disguise?
The European Union (EU) finance minister recently reviewed a proposal to tax U.S. digital groups’ revenue based on the location of their consumers. Nonetheless, such a turnover tax may transgress EU VAT rules and international treaties. The giants of tech to be taxed This proposed ‘Equalisation Tax’ is aimed at...
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Decision from ECJ: penalties on reverse charge VAT
The ECJ gave its decision in the Farkas case (C-564/15), following the opinion published last November by the advocate general. The powers of Member States after this judgement have been reduced, they are no longer allowed to impose penalties on reverse charge transactions that are mistakenly reported. This case is...
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Reduced VAT on e-Books backed by EU committee
An important EU Parliamentary committee has voted to back the European Commission (EC) suggestions to decrease VAT on electronic books to the same rates as their paper equivalent. The full EU Parliament will now vote on, after the Economic and monetary Affairs Committee backed the measure. Within the EU VAT...
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VAT rises ruled out ahead of UK elections
The current Conservative government and the main opposition Labour party recently ruled out future rises in VAT ahead of June’s election. Since the 10%+ debit from the financial crisis, the UK has enjoyed a decreasing government deficit, but still faces a challenge to balance the books. Since the 2015 elections...
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OECD – International VAT/GST Guidelines
Recently the OECD VAT/GST Guidelines established further validation at the 4th OECD Global Forum on VAT. These guidelines make available a wide-ranging structure of standards and principles for countries around the world, to monitor the development of comprehensible and reliable indirect tax rules. Additionally, they also want to provide for...
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Italy – VAT split payments extended
The European Commission has granted Italy approval to continue using anti VAT fraud split payments regime with state organisations, and to extend the measures to state-owned companies and stock market quoted companies. VAT split payments When an EU Member State believes, there is substantial evidence of VAT fraud, it may...
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BREXIT – UK VAT and tax policies
The concerns around Brexit has been dominated by the potential negatives and uncertainties facing the UK economy as it arranges to leave the European Union. This has been compounded in recent weeks but the probability of a ‘hard’ Brexit, with UK companies facing restricted access to the EU’s Single Market,...
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