VAT news tagged as "VAT regime"

Europe

EU tax advisers challenge Single VAT Area

September 3rd, 2018

The European trade association for small and medium sized businesses, CFE, has raised concerns around the proposed Single VAT Area reforms of the European Union. Overhaul of EU VAT regime In 2017, the European Commission issued a set of proposed reforms to help simplify the operations of the pan-European VAT regime, and reduce VAT fraud. The …


United Kingdom

UK votes to not rejoin EU VAT regime post Brexit

July 17th, 2018

On 16 July, the UK Parliament voted to amend the Brexit Customs Paper to ensure the UK does not remain within the EU VAT regime post Brexit. Aside from meaning the UK will exit the VAT regime, the amendment could raise questions over a hard Northern Ireland border. The amendment, won by 3 votes (303 vs 300), …


Europe

UK avoids EU VAT issues till post Brexit

July 16th, 2018

On July 12, the UK issued a White Paper outlining its proposed economic partnership with the EU after Brexit, scheduled for 29 March 2019. Whilst the discussion paper does represent a significant advance on the UK’s aspirations on future trade rules, it is vague on tax and VAT issues – effectively postponing any discussions until the …


Costa Rica

Costa Rica 13% VAT implementation

June 7th, 2018

Costa Rica has published a plan to introduce a 13% VAT regime to replace its existing Sales Tax. The current 13% sales tax is levied on imports and domestic sales of all goods. There are exemptions for basic foodstuffs, medicines and other essentials. Services are exempt. The country needs to widen its tax based, which means …


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 …


United Kingdom

Brexit: will UK leave the EU VAT regime?

August 18th, 2017

When the UK leaves the European Union, will it also exit the EU VAT regime? Perhaps not. By March 2019, the UK is scheduled to exit the EU.  This includes the UK no longer being part of the EU VAT system.  This will mean fundamental changes to the VAT, customers reporting and cash-flows on trade between …