On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The "cornerstone" principles of the Commission's approach are:
- Combating VAT fraud and reducing the €150 billion VAT Gap
- Establishing a "One Stop Shop" for cross-border trade
- Consistently applying the "destination principle" for VAT
- Simplifying invoicing rules for businesses making cross-border supplies
To continue reading, head over to the Sovos blog for the full details.