Every year, about €1 trillion is collected in the EU in VAT revenue alone, making it the third-highest tax revenue raiser in the EU on average, behind social contributions and the personal income tax.
As a first objective, the Commission proposes to introduce an EU-wide reporting system on intra-EU business-to-business (B2B) transactions, whereby companies would share, in real-time, data drawn from electronic invoices with the authorities….
For the proposal to become a directive, the Council needs to vote on it with unanimity, after having consulted the European Parliament and the European Economic and Social Committee.
Source: epthinktank.eu
Latest Posts in "European Union"
- Blog: Four tax points, one invoice: how C-167/26 RX challenges well-accepted business processes
- EU Customs Reform: Data Hub, Trusted Traders and New Import Models
- Flashback on ECJ Cases C-409/98 (Mirror Group) – Tenant inducements are not exempt property letting
- Roadtrip through ECJ Cases – Focus on Place of Supply of Intra-Community Acquisitions – ”Triangulation” (Art. 42)
- Flashback on ECJ Cases C-415/98 (Bakcsi) – Asset allocation determines VAT treatment of a later sale
