Real-time reporting and the definitive VAT system

The latest European Commission, Fiscalis and VAT Expert Group meetings and the developments in multiple EU Member States show that real-time reporting (or Transaction-Based Reporting) is seen as the most feasible solution to VAT fraud. However, the idea of moving towards a definitive VAT system where the exemption on intra-Community VAT is removed, is also still being considered by the European Commission. In the following we will show that implementing one doesn’t need to exclude the other and that both can be perfectly combined. So although we are not presenting an opinion on what and if it should be done, it gives options and to have options in life is always good.

Source: summitto.com

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