What the One Stop Shop will mean for EU taxpayers
19 January 2012
Joe Dalton
Taxpayers will welcome news that a One Stop Shop (OSS) for EU trade across borders is on its way, after the European Council adopted a proposal advocating the scheme.
The adoption of the proposal represents the first step towards an OSS for all electronically delivered services, due to be implemented from January 1 2015.
Under the present EU VAT system, companies are required to pay VAT in every member state in which they do business, which is both time consuming and costly.
Sonia Bonnabry, a tax lawyer at LeXcom, said as the OSS will enable multinationals to declare and pay VAT solely in the member state where they are established, it will provide significant savings on cost, time and resources.
“It is estimated that present compliance...
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