Thu 17th Dec 2015

The EU’s Economic and Financial Affairs Council (ECOFIN) has passed its regular VAT update to the European Council.

The latest update includes a number of VAT measures at the EU level, including:

  1. Plans for the introduction of a standard VAT return across the 28 countries are to be dropped after difficulties agreeing on the minimum number of boxes for completion.
  2. The application of the domestic reverse charge, an anti VAT fraud measure, is to be reviewed with the view to more useage.
  3. There was no progress during the past six months on the treatment of VAT on Vouchers. In particular at what point multi purpose vouchers become liable for VAT.

ECOFIN is the meeting forum of the Finance Ministers of the 28 member states. It reviews on a monthly basis co-operation on fiscal, monetary and wider economic issued affecting the single market and EU.