VAT news tagged as "ECOFIN"

Europe

EU ECOFIN VAT reforms update

June 23rd, 2018

On 22 June 2018, the European Union’s monthly meeting of finance ministers, ECOFIN, discussed three EU VAT reform issues: 1 Free exchange of information There was political agreement on new tools to close the €50billion VAT fraud gap. These tools facilitate the free exchange of information between member states to aid co-operation. This includes: Improvements …


Europe

EU fails to agree fraud general VAT reverse charge

May 29th, 2018

At Friday’s EU meeting of the finance minister, ECOFIN, member states failed again to agree on a generalized reverse charge to combat carousel VAT fraud. The proposal was last discussed at ECOFIN in June 2017, and no agreement was reached. The mechanism, which zero rates VAT on domestic transactions above €10,000, was championed by the Czech …


Europe

EU delay admin cooperation on VAT fraud

May 28th, 2018

The regular meeting of EU finance ministers, ECOFIN, on Friday delayed the adoption of administration co-operation and information exchange in fighting Value Added Tax. This also added law enforcement amendments, with the co-operation of Interpol France requested further time to reach a compromise on how tax officers from one country would work in the jurisdiction of …


Europe

EU fails to agree again e-book reduced VAT

May 25th, 2018

At today’s EU meeting of finance ministers, ECOFIN, member states failed again to agree to allow the reduced or nil VAT rates on electronic books and publications. The proposal was last discussed at ECOFIN in June 2017, and no progress was made. The Czech representation again blocked the measure.  Its position was linked to other …


Europe

EU ministers agree VAT e-commerce reforms

December 5th, 2017

At today’s meeting of EU Finance Ministers (ECOFIN) agreement was reached on a serious of e-commerce VAT reforms.  The proposals are aimed at facilitating the collection of VAT when consumers buy goods and services online. In addition, they will help combat an estimated €5billion in distance selling VAT fraud. The reforms include: 2019 – simplifications for sales …


Germany

Germany stalls €7billion EU VAT e-commerce package

November 7th, 2017

Today’s monthly meeting of EU Finance Ministers, ECOFIN, failed to reach agreement on a proposed €7billion VAT E-commerce Package.  This included a plan to make the major international platforms (e.g. Amazon and eBay) potentially liable for VAT fraud by non-EU Sellers. The Package aims to boost member states’ tax receipts by an estimated €7 billion by …


Europe

EU fails to agree on VAT General Reverse Charge

June 19th, 2017

The most recent meeting of EU Finance Ministers (ECOFIN) on 16 June failed to agree on the implementation of the voluntary General Reverse Charge (GRC) to fight VAT fraud. The GRC, promoted by the Czech Republic and other central European member states, was the latest strategy to attempt to combat the estimate €50billion ‘missing trader’ …


Europe

EU fails to agree on e-Book reduced VAT

June 16th, 2017

On 16 June the EU’s Economic and Financial Affairs Council (ECOFIN) failed to reach agreement on reducing VAT rates on e-books to match printed books.  The Czech Republic objected to the measure.  The lack of a resolution comes after years of seeking to grant e-Books a tax subsidy and boost reading. e-Books at standard VAT rates …