EU launches new web portal to ease transition to new VAT rules
The European Commission has developed a new web portal and a ‘mini one stop shop’ to help businesses prepare for the changes in VAT collection rules.
From January 1 2015, VAT on broadcasting, telecommunications and electronic services will be charged in the country of the buyer – rather than the country of the seller, as is currently the case.
The measures will allow companies to make just one VAT declaration in their own member state for all of their transactions, greatly simplifying the VAT filing process.
“Both measures are part of the continual and consistent effort made by the Commission over the past few years to ensure that the new VAT rules are introduced as smoothly as possible”, the Commission said on its website.
The portal, which was launched this week, [on October 13] works in tandem with the mini one stop shop by providing information on different VAT rates in the EU, including figures on headline rates, reduced rates and exemptions.
Both new services are available on the Commission’s website.