28 July 2022
The European Commission (EC) will publish details of major reforms to the VAT regime on 16 November 2022.
Known collectively as “VAT in the digital age”, these reforms aim to:
- Simplify VAT registrations for specific cross-border business to consumer and business to business transactions by extending the One-Stop-Shop to include more types of supplies.
- Introduce a blanket digital reporting requirement including live transaction reporting and e-invoicing, to prevent VAT errors and fraud.
- Implement further requirements for digital marketplaces (electronic interfaces) to collect VAT on behalf of its sellers.
It's hoped that these reforms will help to reduce compliance costs for businesses and the tax authorities, and also cut the VAT Gap (the difference between the amount of VAT due and the amount of VAT collected in EU member states).
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
We help you simplify today’s complexities and address tomorrow’s challenges. The values we represent, and our consistent advice, mean you can trust Fiscal Solutions to do the right thing – for you and your organisation.
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