The Economic and Financial Affairs Council (ECOFIN) has agreed legislation for the four ‘quick-fixes’, aimed at introducing adjustments to the EU’s VAT rules in order to fix specific issues pending introduction of a definitive EU VAT system in 2022.
The ‘quick-fixes’ involve:
simplifying the call-off stock rules, where vendors transfer stock to a warehouse at the disposal of known acquirers in another member state;
requiring provision of a VAT identification number as a condition for exemption;
simplifying the rules for chain transactions; and
simplifying proof-of-transport rules for intra-EU supplies, with a common framework for the documentary evidence required to claim exemption.
These measures will apply from 1 January 2020. See bit.ly/2zJZSgP.
The Economic and Financial Affairs Council (ECOFIN) has agreed legislation for the four ‘quick-fixes’, aimed at introducing adjustments to the EU’s VAT rules in order to fix specific issues pending introduction of a definitive EU VAT system in 2022.
The ‘quick-fixes’ involve:
simplifying the call-off stock rules, where vendors transfer stock to a warehouse at the disposal of known acquirers in another member state;
requiring provision of a VAT identification number as a condition for exemption;
simplifying the rules for chain transactions; and
simplifying proof-of-transport rules for intra-EU supplies, with a common framework for the documentary evidence required to claim exemption.
These measures will apply from 1 January 2020. See bit.ly/2zJZSgP.
.tmb-editorspic.jpg?sfvrsn=df04ab27_1)
