Outstanding decisions on Partial or Total Harmonisation of Digital Reporting Requirements The EU review of digital reporting requirements (DRR) is now progressing following the completion earlier this month of the public consultation. The DRR review includes options for EU-wide live transaction or e-invoice reporting to
Place of supply rules change for income from B2C online live conferences, training, concerts The EU is to update the Value Added Tax rules for determining in which country VAT is due – ‘place of supply’ – on entrance fees for virtual events. Member states
Legislator endorses continuation of anti-VAT fraud measure and Quick Reaction Mechanism until 31 December 2025 The European Union Parliament has voted to retain the VAT reverse charge mechanism to help reduce the VAT Gap – amount of uncollected EU VAT. The reverse charge is an
European Commission seeks to harmonise digital Continuous Transaction Controls ‘CTC’ options for VAT e-invoice and real-time reporting The European Commission (EC) is undertaking a review to introduce harmonised Digital Reporting Requirements (DRR) (previously known as ‘Transaction Based Reporting’) across the 27 member states. A public consultation
EC finds most countries fail to implement all best practices; Finland and Sweden top of the class The European Commission has reviewed the Value Added Tax registration, collection and auditing processes and standards of member states and the UK, and find most tax authorities’ below
ECOFIN ministers adopt reduced VAT rate freedoms into EU law – member states may now implement On 5 April 2022, EU Finance Ministers (ECOFIN) formally adopt changes to the EU VAT Directive to give member states wider rights to use reduced VAT rates, including an
VAT registration thresholds and Intrastat dispatches and arrivals The table below provides the latest European VAT registration thresholds for resident and non-resident (foreign) businesses, plus Intrastat reporting threshold. Note, the EU e-commerce distance selling thresholds were withdrawn on 1 July 2021. There were a number
EU Parliament backs member states’ reduced VAT rate freedoms – can now enter EU law The European Union Parliament has backed this month Finance Ministers’ agreement on extended reduced VAT rate setting powers. Member states may now commence incorporating into EU law once gazetted. The
February fuel inflation prompts VAT cut The Cyprus government has implemented a temporary cut in the Value Added Tax rate on petrol from the standard rate to 5%. A power consumption rate cut was already in place to 9%, and this has been extended. The
