Offshore-e-com.com Favicon OFFSHORE-E-COM.COM
Join us on Twitter Lowtax Facebook page Join our discussion on LinkedIn Join us on Google+ Delicious Subscribe to the Tax-News RSS Feed
LOWTAX JURISDICTIONS

Andorra
Anguilla
Aruba
Australia
Austria
Bahamas
Barbados
Belgium
Belize
Bermuda
Botswana
British Virgin Islands
Brunei
Bulgaria
Canada
Cayman Islands
Cook Islands
Costa Rica
Cyprus
Czech Republic
Denmark
Dubai
Estonia
France
Germany
Gibraltar
Greece
Grenada
Guernsey
Hong Kong
Hungary
Ireland
Isle of Man
Jersey
Labuan
Latvia
Liberia
Liechtenstein
Lithuania
Luxembourg
Madeira
Malaysia
Malta
Marshall Islands
Mauritius
Monaco
The Netherlands
The Netherlands Antilles
Nevis
New Zealand
Panama
Poland
Portugal
Qatar
Ras Al Khaimah
Romania
Russia
Seychelles
Singapore
Slovakia
Slovenia
South Africa
Spain
St. Kitts
St. Vincent & The Grenadines
Switzerland
Turks & Caicos Islands
United Kingdom
United States
Vanuatu

NEWSLETTER

To receive our free e-commerce updates featuring news and features, please enter your email address below:

ADVERTISING

ADVERTISE ON THIS SITE!

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com and he will put you in touch with your regional rep..


Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Expat Briefing: A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: Online tax treaty resource.
Global Incorporation Guide [GIG]: A BSI / Lowtax Network international business smart tool.
This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
HOME | CONTACT | RECRUITMENT | ABOUT | LEGAL | LINKS
 

 

EU Committee Of The Regions Welcomes VAT Proposals, by Ulrika Lomas, Tax-News.com, Brussels
Friday, October 14, 2016

Members of the European Committee of the Regions (CoR) have signalled their broad support for the European Commission's Action Plan on VAT.

The CoR has 350 members and is comprised of regionally and locally elected representatives from the EU's 28 member states. It expresses an opinion on all major issues of local and regional relevance.

The Action Plan was published in April and is intended to tackle the VAT gap and adapt the VAT system to the digital economy and the needs of SMEs. It is intended to modernize EU VAT policy, including by giving member states greater freedom on VAT rates and allowing for technology neutral VAT treatment for electronic versions of traditional media, such as e-books.

The CoR endorsed the Action Plan during its October plenary, adopting a resolution prepared by rapporteur Dainis Turlais.

Turlais said: "The 'VAT gap' between expected revenue and revenue actually collected is estimated at EUR170bn (USD187.3bn). The huge levels of fraud lead to significant losses of revenue for member states every year. This has a negative impact on public sector budgets, particularly those of local and regional authorities, and their ability to provide quality services."

"The increasing risk of fraud has not only an economic, but also a political impact. Fraudulent schemes, able to operate for years, create distrust of European citizens towards national and EU institutions. It is therefore essential that banks should also fully cooperate with tax authorities in cases of suspected VAT fraud, certainly within the limits of the applicable data protection legislation."

In an effort to close the VAT gap, the Commission will by the end of this year present measures to improve cooperation between tax administrations, and publish an evaluation report of the Directive on the mutual assistance for the recovery of tax debts.

In addition, the Commission will, by the end of 2016 present a legislative proposal to: extend the current One Stop Shop concept to all cross-border e-commerce; introduce common EU-wide simplification measures to help small start-up e-commerce businesses; streamline audits in this sector, and remove the VAT exemption for the importation of small consignments from suppliers in third countries. By the end of 2017, it will publish a comprehensive simplification package for SMEs.

The CoR recommended that the relevant national institutions should be responsible for monitoring the activities of enterprises operating legally. Committee members encouraged the use of IT tools, such as voluntary electronic payment systems, "which transfer the VAT on people's purchases to the state budget and the amount minus VAT to the vendor's account."

The CoR did however express concern over the Commission's proposal to give member states more freedom to set VAT rates. CoR members voted in favor of extending and reviewing the list of goods and services eligible for reduced rates, rather than the wholesale abolition of the restricted list. "Giving member states more leeway would lead to greater differences in rates, distort the single market, and impose burdens on businesses and particularly SMEs, which are the basis for employment at regional level," Turlais cautioned.

Finally, the CoR called for representatives of local and regional authorities to be included in consultations on any changes to the VAT system. In particular, they stressed the need for a territorial impact analysis of any proposal to offer member states greater flexibility in setting VAT rates.


 

STRATEGIC PARTNERS
  Lowtax.net
  Tax-News.com
  USTaxNetwork.com
  Expat Briefing
  LawAndTax-News.com
  LowtaxLibrary.com
  OffshoreTrustsGuide.com
  TreatyPro.com
  Global Incorpoation Guide [GIG]
THE LOWTAX SUBSCRIPTION LIBRARY

THE LOWTAX SUBSCRIPTION LIBRARY

FREE TRIAL NEWS SUBSCRIPTION

The Lowtax Library hosts the web's best-known US and international tax news service costing just $20 per month. Alongside topical, daily news, you can receive weekly newswires on a wide range of subjects.

FREE TRIAL NEWSWIRE SUBSCRIPTIONS

Our 16 up-to-date intelligence reports cover international tax-planning in depth, including banking secrecy, offshore funds, e-commerce and offshore gaming.

SEE REPORT DESCRIPTIONS

IMPORTANT NOTICE: Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All rights reserved. 2017 Wolters Kluwer TAA Limited


All content on this site has been provided by BSIRN.