A special report produced last year by the European Court of Auditors estimates that European Union (EU) Member States lose approximately €5 billion of VAT revenue annually on cross-border business-to-consumer (B2C) e-commerce supplies of goods. Fraud is a major cause of this shortcoming, and the EU’s forthcoming rules changes regarding certain e-commerce transactions are designed to reduce instances of fraud. These VAT compliance changes, which take effect Jan. 1, 2024, will have major implications on “payment services providers (PSPs)”, so it is important to understand the rationale for this rules update.
Source: Vertex
Latest Posts in "European Union"
- Comments on ECJ C-535/24 (Svilosa) – VAT Deduction on Recovery Actions Not Considered Taxable Service
- CJEU Case C-726/23: Arcomet Towercranes Decision Clarifies Intra-Group VAT and Transfer Pricing Rules
- EU and Morocco reach agreement to extend preferential tariff treatment to Western Sahara
- Comments on ECJ C-436/24 (Lyko) – Loyalty programs and VAT: AG’s opinion in Lyko case brings new perspectives
- EU States Move Early on €2 Customs Fee
