What Will Be The New Key To Simplified VAT In Europe?

Profession:TMF Group
 
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The European Commission might be abandoning its aim of a single VAT return for the whole of the EU and shifting its focus to the Mini One Stop Shop (MOSS) scheme and Place of Supply rules, according to a paper released today by TMF Group.

In VAT reforms in Europe: past, present and future, TMF Group's team of experts look at the past decade of reforms across the continent, and how this area will evolve over the next ten years.

VAT Technical Manager and co-author of the paper, Dr Robert Nagy, said: "A more unified and simplified VAT system for Europe is still the ultimate goal - and now that it appears a single VAT return is off the table, the EU Commission is likely to instead turn its attention to achieving its aim by:

Expanding the MOSS scheme to make it easier for businesses to report on cross-border transactions, and consequently achieve administration savings Revising the Place of Supply rules in respect of the supply of goods, to reduce the compliance burden. Dr Nagy continued: "The current VAT system in Europe is complex and characterised by varying rates...

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