Your business case for a tax engine should include a calculation of the qualitative and quantitative benefits.
Businesses involved in online sales of products to consumers in the EU should start assessing the impact of new VAT rules on their sales.
E-compliance requirements for VAT seem likely to become the new normal.
The Council of the European Union has a rotating presidency that in the second half of 2020 was held by Germany and transitioned to Portugal on 1 Jan 2021.
VAT e-compliance poses challenges, which is why tax leaders will find value in keeping up with new requirements.
In July 2021, businesses across the world will be held to new e-commerce VAT rules in Europe.
Company tax leaders in Germany were surprised by the temporary VAT rate reduction in the country’s stimulus package proposal.
The EC has proposed to postpone the effective date of the new VAT e-commerce package. The new rules will take effect on July 1, 2021.
On 15 April, the UK resumed Brexit-related trade deal negotiations, via video, with the EU following a two-month delay caused by COVID-19.
Online retailers based outside of the EU have an extra incentive to scrutinize new rules that will take effect next year: They may no longer need to register for VAT.
Given the UK’s EU departure, organisations will need to conduct rigorous analyses and potentially implement changes to remain VAT compliant throughout Europe.
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