VAT news tagged as "ECOFIN"


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 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 …


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’ …


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 …


EU ECOFIN future of VAT

October 17th, 2016

The European Union’s ECOFIN, council of EU finance ministers, published draft consultations on measures to improve the single-market’s VAT regime. The initiative is part of the European Commissions April 2016 EU VAT Action Plan. The underlying aim of the discussed reforms is to harmonise the EU VAT regime, stimulate cross-regional trade and reduce the opportunity for …


Spain to resist Central Bank and EU calls for VAT rise

June 30th, 2014

Following this week’s announcement of corporate and personal income tax rate cuts in Spain, the government has said it will not increase the Spanish VAT main rate following separate comments by the Central Bank and the EU’s ECOFIN Economic and Financial Affairs Council. Calls for Spanish VAT increase to control deficit The Bank of Spain …


EU political consensus on standard VAT return

June 24th, 2014

On Friday 20 June 2014, political consensus was reached by the EU member states on the proposed implementation of a standard EU VAT return for all 28 member states. Simplified EU VAT returns The proposal for a single VAT return design was launched by the European Commission on 23 October 2013. The idea is for …