INTERNATIONAL TECHNICAL ROUND UP – EU PASSES VAT FRAUD REFORMS
October 1st, 2018
*EU member states have been given temporary permission to use so-called reverse charge mechanisms to collect VAT, involving shifting liability to pay from suppliers to customers, to fight fraud. The EU Council of Ministers has approved a directive allowing governments to reverse charge VAT on domestic supplies of goods and services above EUR17,500 per transaction until June 2022, when a country is losing 25% or more of VAT to carousel fraud. This is where taxpayers within a supply chain disappear and pocket input tax. The law will come into force after an ...
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