The EC draws attention to the new VAT rules for online shopping
New VAT rules for online shopping will go into effect on July 1, with the aim of creating a more level playing field, facilitating cross-border e-commerce and making pricing more transparent, the European Commission announced on Monday.
According to the information, the European Union’s VAT system was last updated in 1993, so the system did not keep pace with the growth of cross-border e-commerce. The coronavirus pandemic has also further accelerated the recovery of online retail, making it necessary to ensure that VAT on online sales is paid to the consumer’s country of residence. (MTI)
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