Simpler EU VAT Rules Will Enter into Force in 2013

Simpler EU VAT Rules Will Enter into Force in 2013

New European Union value added tax will enter into force from January 2013. These rules will make life simpler for businesses.

These rules are contained in a Directive on VAT invoicing adopted in July 2010, and must be applied in all member states from January 01, 2013. The Directive is aimed on simplifying VAT invoicing regime.

According to the new rules, electronic invoicing will have to be treated in the same manner as paper invoicing. This will enable companies to choose the VAT invoicing manner that works best for them. It is expected that this would reduce businesses’ administration costs up to EUR 18 bln a year.

The other reform is to allow EU member states to provide a cash accounting option for small businesses with a turnover less than EUR 2 mln a year. Such companies will not have to pay VAT until the customer has paid for goods or services. The purpose of this reform is to avoid cash-flow problems in small- and medium-sized enterprises

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