INTERNATIONAL REGULATORY ROUND UP – EU MINISTERS AGREE NEW ANTI-VAT FRAUD REFORMS
July 1st, 2013
EUROPEAN Union (EU) ministers have agreed reforms to the EU’s VAT directive 2006/112/EC enabling member states to swiftly impose reversed charge VAT mechanisms to fight tax fraud. They would act when faced with a sudden onset of large-scale VAT fraud, forcing suppliers to pay the tax, rather than final consumers.Crucially, member states will not have to ask permission from the EU Council of Ministers to derogate from existing EU VAT laws in this way.A council communiqué explained: “Fraud schemes evolve rapidly, giving rise to situations that require a swift ...
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