The EU’s Economic and Financial Affairs Council (Ecofin) has finally decided to reduce VAT on online publications, including electronic books, newspapers and periodicals which will bring them into line with print publications and digital media.
As of this month the Fulfilment House Due Diligence Scheme opens for registration to help combat the abuse of VAT rules by online traders based outside the European Union (EU).
The implications for the UK tax regime post Brexit are still being worked through, but here we take a look at some likely changes.
Over recent years there has been considerable harmonisation of tax legislation, particularly in relation to VAT, across the European Union. However now there are plans to overhaul the SME VAT scheme to simplify the rules for small businesses, and attempt to harmonise EU VAT rates and measures to improve intra-EU transactions.
The European Commission has launched a public consultation on whether there should be concerted EU action to tackle advisers and intermediaries who facilitate tax evasion and tax avoidance using aggressive tax planning schemes.
To address concerns over how airport retailers are applying VAT to customer purchases the Airport Operators Association (AOA) and the UK Travel Retail Forum (UKTRF) have launched a Code of Practice to ensure greater transparency on how customers benefit from the VAT relief concession provided.
A survey commissioned by the European Parliament across all member states shows that overall people want more intervention to tackle tax fraud.
Post Brexit we think it’s likely the Mini One Stop Shop mechanism (MOSS) will be extended to all companies selling to European based customers.
Figures released by the European Commission show that VAT revenue collection has failed to show any significant improvement across member states in recent years. Based on VAT collection figures from 2013, the “VAT Gap” (the overall difference between the expected VAT revenue and the amount of VAT actually collected) did not improve on 2012. Although […]