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Global tax implications for scaling businesses
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2020 EU VAT Changes and the Need to Fix the ‘Quick Fixes’
The objective of the fixes is clear: Simplify EU VAT. But is that attainable?
In this Tax Notes International article, Aleksandra Bal, Vertex Senior Product Manager and VAT expert, considers several changes to the EU VAT system that will take effect in 2020. These changes (commonly referred to as “quick fixes”) will affect businesses engaged in intra-EU trade.
Although the quick fixes seek to simplify and harmonize the EU VAT rules, it is doubtful whether the intended objectives will be attained. Aleksandra provides insight on how the European Commission can ensure the quick fixes serve their purpose.
In the article, the author answers the following questions and more.
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What are the "quick fixes" set out to fix?
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How do the quick fixes affect intra-EU business-to-business trade?
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What is the goal of each quick fix?
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When do the quick fixes take effect?
We also provide detailed information on how the quick-fixes relate to call-off stock arrangements, chain transactions, VAT identification numbers, and intra-community supplies.
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