European Commission Releases Guidance on Upcoming Changes to VAT System
The European Commission released a Dec. 20 guidance on the upcoming changes to its value-added tax measures as part of its “2020 Quick Fixes,” an effort aimed at simplifying trade and tax measures among EU member states. The guidance provides…
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information on VATs relating to “call-off stock arrangements, chain transactions and the exemption for intra-Community supplies of goods,” which are scheduled to take effect across most member states (see 1912120015) by Jan. 1. The 85-page “explanatory notes” provide “help in understanding” the new VAT provisions, the commission said, and are the result of discussions with member states and EU industry representatives. The guidance is “not legally binding,” “not comprehensive” and is still a “work in progress,” the commission stressed, stating that member states may issue their own VAT guidance. The guidance provides information on exporting goods to member states, destruction or loss of goofs, definitions of certain VAT-related terms and more.