Indirect Tax
Do you want to ensure that you make optimum use of VAT and customs legislation, while not running any unnecessary risks? The specialists of the Mazars VAT and Customs Group will be happy to help.
The 2017 update also reported on a number of short-term reforms (referred to as quick fixes) which are intended to be introduced before 2022. On 2 October 2018 the EU Finance Ministers, meeting within the ECOFIN council, reached agreement on a number of these measures, which are aimed at simplification. The measures, which will take effect on 1 January 2020, entail the following:
A further development that is relevant for businesses operating internationally is that EU Member States have reached agreement on the European Commission's proposal in relation to the introduction of a fixed-term generalised reverse charge mechanism (GRCM). EU Member States faced with an above-average level of VAT fraud in their country are able to introduce a generalised reverse charge mechanism for domestic goods and services transactions exceeding a transaction threshold of €17,500 per transaction. Implementation of a reverse charge mechanism requires an application to and approval from the European Commission.
Which Member States are eligible to implement a generalised reverse charge mechanism? Member States currently eligible to implement a generalised reverse charge mechanism are Bulgaria, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and the Czech Republic. An effective date for this option has yet to be set.
To learn more about this topic, contact Bert Laman (by email or by calling +31 (0)88 277 12 61) or Eline Polak (by email or by calling +31 (0)88 277 23 25). They will be happy to help.
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