Minutes of the 123rd VAT Committee meeting released
European UnionDuring its last meeting, the VAT Committee provided various updates with respect to ongoing legislative work carried out by the EU Commission. Amongst all updates, the most significant ones regard:
- the preparation of Explanatory Notes with respect to the new SME Scheme that will come into force on 1 January 2025, the preparation of an SME guide and the development of an SME portal;
- the adoption of the proposals for a Customs reform by the Commission on 17 May 2023 that is aimed at making online platforms key actors in the collection of Customs duty and import VAT;
- the launch of an assessment on the application of the rules applicable under the Voucher Directive that entered into force on 1 January 2019;
- the list of exempt gold coins for 2024;
- the travel and tourism package that has been put on hold for the time being; and
- ViDA and the acknowledgment that negotiations within the Council are making significant progress.
Besides the above, various topical issues were discussed, namely with respect to:
Key takeaway
The minutes of the 123rd meeting of the VAT Committee are a clear illustration of the legislative activity at EU level when it comes to VAT and other Indirect Taxes. Many changes have had to be embraced and many more are yet to come. Businesses must stay abreast of all legislative developments to make sure they are sufficiently prepared.
Link to document: See here