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More Cost, More Compliance, More Risk

 
John Arnold reviews the Commission's latest proposals for increased cross-border VAT reporting and compulsory monthly VAT returns
 
The European Commission has now published its proposals for increasing EU cross-border VAT reporting by businesses from 1 January 2010.1 The background is the continuing fight against carousel fraud. If agreed by the Member States (as is likely) the changes will place major additional compliance requirements and costs on almost all UK businesses trading in goods and/or services across the EU.
Current reporting rules
 
Under current rules a UK business must file an EC Sales Listing (ESL) for all sales/transfers of goods to another Member State. ESLs must be submitted quarterly to HMRC within six weeks of the quarter end.
 
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