The VAT system in Belgium was introduced in 1971, which will be 50 years ago in January 2021. On this memorable anniversary, KPMG Tax & Legal Belgium and Wolters Kluwer jointly publish a series of articles that reflect on the current VAT system in the context of our changing business and social environments. In each article, KPMG tax experts address a specific aspect of VAT and related challenges of the system and offer predictions on future evolutions by 2025. When you read the articles, you may also want to consider the issues and contemplate how VAT will or should look like in 2025. Will you concur with the predictions?
Due to the rapid rise of digitalization in our society and business environment, the use of electronic invoices is growing in practice. E-invoicing and certified solutions can increase efficiency and help in the fight against VAT evasion, but they also entail additional costs for businesses as well as additional challenges for international companies with regard to the centralization and outsourcing of their invoicing, accounting and reporting.
In any future-proof fiscal policy at national and European level, VAT as a reliable source of revenue is essential. By collecting VAT on consumption in a more efficient and less fraud sensitive manner, the government can count on a robust source of revenue. At the same time, by adapting the levying of VAT in view of for example new environmental policies, VAT can be an instrument to stimulate environmentally friendly consumption, advance CO2-reduction and thus fight climate change.
Coming Soon.
Coming Soon.
Coming Soon.
Coming Soon.
Coming Soon.
Coming Soon.
Coming Soon.
KPMG’s Indirect Tax Team
KPMG’s Indirect Tax Team consists of highly qualified tax professionals with a specialization in indirect taxes, including value added tax, customs and excise duties, as well as indirect environmental taxes and levies. Click below to find out how we can help.
