The current EU VAT regime has remained largely unchanged since the inception of the EU Single Market in 1993 and is now showing its age. The increase in carousel VAT fraud and challenges in tracking ecommerce sales has put a huge strain on the current infrastructure and is resulting in an estimated VAT loss of €55 billion.
To tackle these challenges, the EU Commission has proposed an ambitious range of reforms to the EU VAT Directives over the next seven years. These seek to close the VAT fraud loopholes and make tracking ecommerce VAT easier. However, disagreements between member states on the big reforms, and the impact of the COVID crisis are threatening to derail the current roadmap.
Join Richard Asquith, VP Indirect Tax at Avalara to learn about the aims of the reforms, what’s been achieved so far, and the flashpoints over the crucial next six months.