A quick fix
Key points
- VAT changes to deal with significant VAT fraud in the EU and high compliance costs.
- Introduction of new rules on EU chain transactions making it easier to identify zero-rated intra-community supplies.
- The UK’s VAT simplification rules on call-off stocks are abolished. Businesses withdrawing goods from UK call-off stocks should review whether self-billing invoices need to show UK VAT.
- Businesses holding consignment stocks in other EU member states should review whether they can deregister are now required to register or how they can avoid having to register.
- Correct VAT identification numbers on EC sales lists are ‘entrance tickets’ to zero rating of EC supplies.
In the words of the EU commission ‘the biggest reform of EU VAT rules in a quarter of a century’ arrived in...
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