Latest EU VAT initiatives

Last week, ECOFIN (the EU’s committee reviewing economic and financial policies) confirmed plans under the new Luxembourg presidency of the EU. Each member states taxes over the presidency, controlling the day-to-day agenda of the EC, for a six month rotating term.

Luxembourg will focus on continuing work on the following VAT initiatives:

• Progress towards a standard VAT return
• Agreement on the treatment for VAT on consumer vouchers
• Withdrawal of the low value consignment relief for VAT-free imports of small value goods
• VAT fraud initiatives
• Extension of the Mini One-Stop-Shop beyond digital services.