At the recent Economic and Financial Affairs Council (ECOFIN) meeting a number of issues were discussed. There were three main VAT related debates and despite productive talks full agreement was not reached on any of them and therefore they were not adopted.
Tag - ECOFIN
The EU member states are hoping to reach an agreement on new VAT rules next month that aim to facilitate cross-border e-commerce as part of their ‘digital single market strategy’, EU officials said on Tuesday.
"We need new rules to adapt our VAT system to the digital era", said Toomas Toniste, Minister for Finance of Estonia, which currently holds the Council presidency.
Further to last week’s article the European Union's Economic and Financial Affairs Council (ECOFIN) duly met in Tallinn on the 15th & 16th September to discuss ways to tackle international tax challenges posed by the digital economy.
At a meeting taking place on 16th June 2017 the Economic and Financial Affairs Council (ECOFIN) will be invited to agree its general approach on a proposal for a Council directive that would allow a temporary application of a generalised VAT reverse charge mechanism. This would be in derogation from the main general principles of the EU's current VAT system.