Czech Republic Not Ready to Implement EU-Wide VAT Measures by Jan. 1
The Czech Republic is not expected to introduce a European Union-directive to implement “quick fixes” measures for value added taxes by the Jan. 1 deadline, KPMG said in a Dec. 11 post. The VAT quick fixes, approved by the EU…
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earlier this year, are aimed at simplifying international trade, specifically across EU member states. While the quick fixes will take effect Jan. 1, the Czech Republic will likely delay their implementation because the country’s Chamber of Deputies has not yet discussed the proposal, the post said. This will likely create problems with Czech VAT-payers’ involvement in “intra-Community supply and acquisition of goods,” KPMG said. Specifically, issues may arise in situations where Czech VAT-payers withdraw goods from EU suppliers’ consignment warehouses in the Czech Republic and when Czech entities own inventories in a consignment warehouse in another EU member state, the post said.