The European Commission has put forward technical amendments to the principal VAT directive, which is a necessary step towards implementation of the measures set out in the its proposal on ‘cornerstones’ of the definitive EU VAT system.
The cost to businesses of the government’s ‘highly streamlined’ customs arrangement after Brexit could be as high as £20bn, HMRC’s chief executive told the Treasury Committee on 23 May. The ‘new customs partnership’ option would have initial costs of around £700m.
HMRC has published a list of signatories to the new cooperation agreement, under which marketplaces will exchange certain information about their sellers in the interests of promoting VAT compliance. The text of the agreement was published in April and current signatories include:
The European Commission has presented a proposal for a recast of two directives governing excise duty on alcohol within the EU.
It seems the definition of what is an establishment is being gradually extended for political purposes, writes Eloise Walker (Pinsent Masons).
Olga Bondar (Grant Thornton) considers the impending fundamental change to how VAT is to be reported.
The EU Parliament’s economic and monetary affairs (ECON) committee has published its draft report recommending amendments to the Commission’s proposals for a special VAT scheme for small businesses. These amendments are aimed at greater harmonisation across member states.