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Harmonizing VAT

06 December 2011 1 comment

Bo Harald

Chairman/Founding member, board member

Trust Infra for Real Time Economy Prgrm & MyData,

This is the natural next step after the VAT directive simplyfying life for SMEs. now banks should move in to provide the reporting sidestream in their e-invoicing services and in parallel develope the splitpayment model - automating the payments. 60 million workdays can be saved in enterprises - and more tax collected cost-efficiently.

http://ec.europa.eu/taxation_customs/resources/documents/taxation/vat/key_documents/communications/com_2011_851_en.pdf

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A Finextra member

07 December 2011

Interesting and surprisingly readable document. What interests me greatly is the section "5.2.2. Reviewing the rate structure".

The UK traditionally (from what I remember) has a zero rate for food, children's clothes, and books and newspapers.

In France, the govt slashed the rates for restaurants to try to help that suffering sector.

Will be interesting to see the discussions on what categories should be zero-rated or have a reduced rate and why.

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Bo Harald

Chairman/Founding member, board member

Trust Infra for Real Time Economy Prgrm & MyData,

Member since

04 Nov 2008

Location

Helsinki Region

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