The House of Commons European Scrutiny committee has issued its report on ‘VAT: EU proposals for reform and the implications of Brexit’, seeking more detail from the Treasury about the government’s desired VAT arrangements for cross-border trade between the UK and the EU after Brexit.
Without more detail on the government’s plans, the committee has found it ‘extremely difficult’ to assess the potential impact of the European Commission’s proposals for a single EU VAT area. The report looks at the Commission’s four main legislative proposals involving:
a single VAT area and ‘definitive’ VAT system;
flexibility for member states to reduce VAT rates;
exemptions for small businesses from certain VAT obligations;
increased co-operation between tax administrations to combat VAT fraud.
The House of Commons European Scrutiny committee has issued its report on ‘VAT: EU proposals for reform and the implications of Brexit’, seeking more detail from the Treasury about the government’s desired VAT arrangements for cross-border trade between the UK and the EU after Brexit.
Without more detail on the government’s plans, the committee has found it ‘extremely difficult’ to assess the potential impact of the European Commission’s proposals for a single EU VAT area. The report looks at the Commission’s four main legislative proposals involving:
a single VAT area and ‘definitive’ VAT system;
flexibility for member states to reduce VAT rates;
exemptions for small businesses from certain VAT obligations;
increased co-operation between tax administrations to combat VAT fraud.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")