2022 latest estimate of lost EU VAT widening by €13bn with mixed results across EU 27 On 18 December 2024, the latest estimate of missing VAT revenues across the EU 27 member states was published by the European Commission. This shows an increase in the
EU VAT Expert Group: broader tax base; single standard rate; limit distortive greening incentives; single VAT authority An informal working group of the EU VAT Expert Group (VEG) has presented on 13th December 2024 initial views of the modernisation of VAT, and reforms to develop
ECOFIN summary to European Council on tax developments On 10 December 2024, the six-monthly report on EU tax reform projects was approved at the monthly meeting of finance minister, ECOFIN. This covers the term of the Hungarian presidency of the Council. Major VAT on other
2030 taxpayers must be able to issue and receive e-invoices within 2 days for Intra-community supplies – VAT in the Digital Age From 1 July 2030, e-invoices for supplies of goods or services across EU borders (Intra-community Supplies (ICS)) must be issued. The current maximum
No compromise on Energy Taxation Directive before year end The Hungarian presidency of the Council of the EU believes it will no longer be able to find significant compromises this year on for the reforms of the Energy Taxation Directive (ETD). EU Finance Ministers are
Overview of the EU-backed standard for structure electronic invoices Standard EN6931 is the standardised framework for structured e-invoicing adopted by CEN (European Committee for Standardisation) on April 17, 2017. It is already adopted for B2G e-invoicing in the EU (Directive 2014/55/EU), and is the basis
Extension of Single VAT Registration OSS enables withdrawal from July 2028 of special VAT scheme for stocks held in other EU member state with customers The VAT in the Digital Age (enters into force 14th April 2025) reforms package’s Single VAT Registration pillar includes extending
Is €50 billion fraud in the EU VAT Gap an overestimate The European Commission’s annual VAT Gap estimate is due within the next few days. But is the calculation of missing VAT overestimating the amount of VAT fraud? Last year’s estimate, covering 2021, but the
ViDA 2030 near-live reporting of EU Intra-community supplies replaces EC Sales List The new Digital Reporting Requirements (DRR) , now agreed as part of the EU VAT in the Digital Age package, will retire the EC Sales List (ESL) requirement from 1 July 2030. Instead
EU banking & insurance VAT exemption overhaul rolled into wider financial services tax review The EU’s long term aim to withdraw the outdated VAT exemption on financial services has now been rolled into a wider examination of the taxation of the sector. Concerns around the
