2020 EU B2B four quick fixes
The EU VAT regime, is due to undergo huge reforms over the next few years. Member states are debating overhauling the current ‘temporary’ systems for a definitive ‘destination’ based regime – provisionally from July 2022.
Ahead of this reform, EU member states have agreed four changes for 1st January 2020 to the business-to-business (B2B) VAT rules on EU cross-border transactions. These reforms are known as the ‘four quickfixes’, and cover the following areas:
- Chain transactions
- Proof of cross-border transportation
- Customer VAT number
These reforms are aimed at helping eliminate an estimated €50 billion in annual VAT fraud.