VAT news tagged as "VAT reform"

China

China VAT refunds to bolster exporters hit by new US tariffs

September 11th, 2018

China has announced a further round of tax breaks to aid its exporters. This follows the US proposing new tariffs levying almost $267bn on Chinese imports. With $50 billion of goods already under 25% duties and another $200bn on which Washington is poised to raise tariffs, this would take the total for 2018 to over $500bn. The US’ imports from China last year …


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 to review VAT reforms

May 22nd, 2018

The EU’s meeting of members’ finance ministers, ECOFIN, will convene 24 and 25 May. In addition to reviewing the next seven-year EU budget, the meeting will also review several VAT reforms. These will include: Proposal for an experimental anti-VAT fraud general domestic reverse charge mechanism Reduced VAT rates for e-books to match the rates for published …


Europe

EU destination-based VAT reform hitch

April 16th, 2018

Progress on the EU’s ambitious proposals for a ‘Definitive VAT System’ by 2022, grounded on a leap to a destination-based VAT regime to combat fraud, is being delayed over a proposed exemption for large companies. The current rotating EU presidency is held by Bulgaria which had hoped for next-stage agreement by May. But this now looks likely …


Europe

EU VAT reform challenges

October 29th, 2017

On 4 October, the European Commission (EC) announced a fundamental reform of the EU VAT regime to help combat an estimated €50billion of annual VAT fraud. 3 major changes to the B2B EU VAT regime 2019 Introducing four ‘Quick Fixes’ to ameliorate the existing VAT regime on international B2B transactions, including: Harmonisation across the states …