The VAT gap across the EU decreased by €10.5bn during 2016 to an overall figure of €147.1bn. This represents 12.3% as a percentage of revenue, down from 13.2% in 2015. Actual VAT revenues for the year across the EU rose by 1.1%.
The European Commission has published the latest in its series of ‘stakeholder’ notices setting out its view of the consequences of UK withdrawal in the area of customs and taxation.
The Taxation (Cross-border Trade) Act 2018 received Royal Assent on 13 September. The Act allows the government to create a standalone customs regime when the UK leaves the EU and provides for amendment of existing VAT and excise legislation.
Legal fees on disposal of subsidiary
Late notification of an option to tax
Prior payment of the tax is required for VAT appeals (barring hardship). Etienne Wong (Old Square Tax Chambers) examines Totel, the case on whether this is lawful.
HMRC has published further signatories to the new cooperation agreement under which online marketplaces will exchange certain information about their sellers in the interests of promoting VAT compliance.
The EU Parliament’s economic and monetary affairs (ECON) committee has put forward amendments to the Commission’s proposal for simplification of VAT for SMEs in the EU, which forms part of the wider set of reforms moving towards creation of a single EU VAT area.