The so-called ‘quick fixes’ are EU wide changes, applied from
1 January, designed to simplify the VAT legislation for EU cross-border supplies of goods. The changes introduce a mandatory VAT ID number requirement for intra-Community supplies and harmonise the VAT legislation for documenting EU cross-border movement of goods, EU cross-border chain transactions and call-off stock legislation. It is hoped that the ‘quick fixes’ will bring some welcome clarity to chain transactions and call-off stock. However, compliance with the new rules will result in many businesses suffering additional costs as a result of new administrative requirements, including potential changes to their systems and procedures.
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The so-called ‘quick fixes’ are EU wide changes, applied from
1 January, designed to simplify the VAT legislation for EU cross-border supplies of goods. The changes introduce a mandatory VAT ID number requirement for intra-Community supplies and harmonise the VAT legislation for documenting EU cross-border movement of goods, EU cross-border chain transactions and call-off stock legislation. It is hoped that the ‘quick fixes’ will bring some welcome clarity to chain transactions and call-off stock. However, compliance with the new rules will result in many businesses suffering additional costs as a result of new administrative requirements, including potential changes to their systems and procedures.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
