„Quick Fixes” to enter into force from 1 January 2020
„Quick Fixes” to enter into force from 1 January 2020
Starting from 1 January 2020, new rules on the VAT treatment applicable to cross-border transactions will enter into force (the so-called „Quick Fixes” approved by the Council of the European Union). The new provisions will be mandatory for all Member States.
In a nutshell, the „quick fixes” comprise the following:
- Stricter rules have been set for the conditions to be met to justify the VAT exemption for intra-Community supplies of goods (with respect to the VAT registration number, the EC Sales and Purchases List - Form 390, and transport documents);
- Uniform rules have been set for determining the VAT treatment applicable to supplies of goods carried out as part of successive transactions (chain supplies), when an intermediary operator is responsible for arranging the transport of the goods. As a general rule, the supply made to the intermediary operator is considered as being the VAT exempt supply;
- Call-off stock agreements – the reciprocity requirement has been eliminated.
KPMG comment
All of these VAT changes could have a significant impact on your company’s activity, processes, procedures and systems. If you require guidance on these new rules, our VAT professionals will be pleased to discuss with you.
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