ACCOUNTANTS COULD FACE SWIFT RECOURSE TO REVERSE CHARGE VAT
August 1st, 2012
BY KEITH NUTHALL
THE EUROPEAN Commission has proposed that European Union (EU) member states be given sweeping powers to swiftly introduce reverse charge mechanisms on VAT should they be faced with a sudden glut of VAT fraud. Under the proposal, governments could within one month insist recipients rather than suppliers of goods or services are liable for VAT, helping police and customs detect and prevent complex fraud schemes, such as carrousel fraud. At present, member states have to ask the EU Council of Ministers permission to introduce such systems, which ...
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