Business
Commission publishes practical guidelines for businesses on new VAT rules
The Commission has today (29 October) published practical guidelines to prepare businesses for the new VAT rules for telecoms and e-services, which will enter into force in 2015. The aim is to help businesses to be fully prepared on time for the change-over, whereby VAT will be charged where the customer is based, rather than where the seller is. A One Stop Shop will enable telecoms, broadcasting and e-services businesses comply with all of their VAT obligations in all member Sstates from their country of registration.
This is consistent with the Commission's goal of reducing tax obstacles and administrative burdens for cross-border companies in the Single Market. Today's guidelines focus on the information that will be requested to register and account for VAT, the formats in which it will be requested, the submission deadlines, and all practical details on the payments. With this information, businesses will able to properly prepare their processes and configure their IT tools to collect the information that they will have to submit from February 2015. Additional guidelines will be published next year on the new place of supply rules.
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