2020 EU B2B supply changes
The EU VAT regime, is due to undergo huge reforms over the next few years. Member states are debating overhauling the current ‘temporary’ systems for a definitive ‘destination’ based regime – provisionally from July 2022.
Ahead of this reform, EU member states have agreed four changes for 1st January 2020 to the business-to-business (B2B) VAT rules on EU cross-border transactions. These reforms are known as the ‘four quickfixes’, and cover the following areas:
- Chain transactions
- Proof of cross-border transportation
- Customer VAT number
These reforms are aimed at helping eliminate an estimated €50 billion in annual VAT fraud.