Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 12/18/2012

EU - Reminder of new VAT rules beginning in 2013 

December 18:  The European Commission issued a reminder that new EU value added tax (VAT) rules are effective across the EU beginning 1 January 2013.

According to an EC release (17 December 2012), among the VAT changes is one providing that electronic invoicing is to be treated the same as paper invoicing, thereby enabling companies to choose the VAT invoicing solution that works best for them.


In addition, EU Member States can offer a cash accounting option to small businesses with a turnover less than €2 million a year. This means that these entities do not have to pay the VAT until it has been received by the customer, thereby avoiding cash -flow problems.


For more information read TaxNewsFlash-Europe: EU - Changes to VAT invoicing rules, effective 2013




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