Companies face a multitude of complex tax legislation matters, on a daily basis, as a result of their international activities. Indeed, VAT rules consist of different layers: European Directives and regulations, local VAT law, national and European case-law, administrative guidelines and notices, parliamentary questions, local practices, etc.
An efficient VAT management leads to substantial financial benefits. On the contrary, a misunderstanding of the rules can turn out to be financially detrimental. The pitfalls in this area are pretty abundant and fines (e.g. double taxation, administrative penalties, late payment interests) prove to be high, even if the taxpayer acts bona fide.
Source vatdesk.eu
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