2009-10-29
VAT package adopted yesterday by the Parliament - Major changes to the VAT system as from January 1, 2010
Yesterday, the Parliament has adopted the draft law on the VAT package. Only minor modifications to the initial draft law have been implemented (i.e. extended deadline for the filing of electronic European Sales List for intra-EU services).
As a reminder, the VAT package brings major changes to the VAT system. These changes will enter into force as from January 1, 2010 and can be summarized as follows:
- new rules regarding the place of supply of services;
- enhanced cooperation between Member States;
- additional compliance obligations for intra-EU supplies of services;
- simplified procedure for claiming foreign VAT refunds.
The legislative changes triggered by the VAT package have also consequences on invoicing requirements, VAT registration obligations, administrative procedures, etc. These consequences have to be analyzed on a case-by-case basis.
Considering the timing of implementation, it becomes more and more urgent for operators to evaluate the impacts of the VAT package on their daily business in order to be ready…within two months.
For more information on the subject, we refer to our previous newsletter on the subject: Link
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