The European Commission has proposed a single VAT area
The European Commission has proposed new rules for the creation of a single EU VAT area, in order to decisively reduce the VAT frauds amounting to 50 billion euros a year in the EU, while it would support the businesses and ensure public revenue – Valdis Dombrovskis said on Thursday.
The EU Commissioner responsible for Euro and Social Dialogue underlined that the Commission’s proposal for new rules aims to give Member States more flexibility in setting VAT values and creating a more favorable tax environment for the growth of SMEs.
As he said, the common EU VAT rules adopted by the Member States in 1992 have become too restrictive and allow the use of a reduced VAT rate for only a few sectors and products. The proposal gives the Member States greater autonomy in terms of tax rates.
Related news
The European Commission extends the license for state aid to agricultural and fishing producers
The European Commission will extend by six months the temporary…
Read more >The import of fresh eggs increased by 71 percent
Based on data from the European Commission, EU (EU27) egg…
Read more >An immediate revision of EU regulations on imported products is necessary
While the European Commission requires its own producers to comply…
Read more >Related news
Significant increase in retail trade – sector outlook
In March, retail sales volume increased significantly by 2% compared…
Read more >GKID-Mastercard: the momentum of domestic e-commerce seems to be running out, while Chinese webshops are also conquering Hungary
The GKID-Mastercard Digital Commerce Survey reveals a challenging landscape for…
Read more >A fifth of Hungarian online shoppers are still careless
Almost three-quarters of the Hungarian population regularly buys and pays…
Read more >