The EU is preparing for its VAT ‘quick fixes’ to be implemented as the next phase of VAT reform across the single market. The quick fixes come into effect on 1 January 2020, and companies trading with the EU should take note of them. The measures cover the VAT treatment of chain transactions, providing a consistent approach with regards to removal evidence, the application of the call-off stock rules, and obtaining customer VAT numbers to become a critical part of treating an intra-community supply as exempt (or ‘outside the scope’ as we refer to it in the UK).
Source: saffery.com
Latest Posts in "United Kingdom"
- Boehringer Ruling: Could £2.5bn VAT Reclaims Transform UK Pharma and Healthcare Forever?
- VAT Recovery Possible Without Fully Compliant Invoices if Alternative Evidence Provided, UK Tribunal Rules
- UK Tribunal Denies VAT Deductions for Construction Firm Linked to Payroll Fraud
- Restaurant Operator and Director Liable for £280,903 VAT Evasion After Tribunal Rejects Defense
- Upper Tribunal Rules Hair Loss System for Severe Baldness Qualifies for VAT Zero Rating
