On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The "cornerstone" principles of the Commission's approach are:
- Combating VAT fraud and reducing the €150 billion VAT Gap
- Establishing a "One Stop Shop" for cross-border trade
- Consistently applying the "destination principle" for VAT
- Simplifying invoicing rules for businesses making cross-border supplies
To continue reading, head over to the Sovos blog for the full details.
About the Author
Charles Riordan is a member of the Tax Research team at Sovos Compliance specializing in international taxation, with a focus on Value Added Tax systems in the European Union. Charles received his J.D. from Boston College Law School in 2013 and is an active member of the Massachusetts Bar.More Content by Charles Riordan