REVERSE CHARGE VAT
April 1st, 2005
BY KEITH NUTHALLEUROPEAN Union (EU) governments could be given the power to demand waste metal and scrap buyers hand over VAT rather than their suppliers, under proposed reforms tabled by the European Commission. It wants changes to the EU sixth VAT directive making this system available on demand to member states for the industry, even though it conflicts with the standard EU rule that suppliers pay VAT. The waste metal industry was "particularly difficult for member states to police", said Brussels, with formal undervaluation and cash payments lowering VAT ...
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