The EU Council adopts new VAT rules for e-commerce and small businesses
The Economic and Financial Affairs Council of the European Union (ECOFIN) has adopted new rules to facilitate the detection of VAT fraud in cross-border e-commerce and simplified the VAT rules for small businesses; the new legislation will come into force in 2024 and 2025 respectively.
The new rules for the exchange of VAT payment data in e-commerce will allow Member States to collect electronic data from payment service providers in a harmonized way, as well as a new central electronic system for storing payment information. This will also be available to Member States’ anti-fraud officials. The new measures will come into force from 1 January 2024. (MTI)
Related news
EU Commissioner: European Commission’s agriculture and food roadmap guarantees EU food security
The agriculture and food roadmap adopted by the European Commission…
Read more >Solutions to soaring food prices: opposition proposals to reduce VAT and special taxes
In recent months, the debate over the drastic increase in…
Read more >Fruit juice market under pressure
Life in the fruit juice category is made more difficult…
Read more >Related news
Margin is very much not profit
The government announced that it would introduce a margin cap…
Read more >Margin freeze in Hungary: Who is affected and is government intervention really justified?
The Hungarian government will introduce a margin restriction on certain…
Read more >China’s retail sales skyrocket in the first two months of the year
China’s industrial output grew 5.9 percent year-on-year in the first…
Read more >