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The European Union’s transitional VAT system – in place since 1993 – has long created large compliance and administrative hurdles for businesses. The definitive VAT regime – an origin-based system of VAT – is meant to relieve the pressure and eliminate the need for businesses to register in every member state they may trade with.

So how would the definitive system work in practice? Which taxpayers would be able to use the simplified system and when is it meant to take effect? Listen to episode five of the Value Added Talk podcast to find out.

Have a question for the show? Get in touch: Podcast@tmf-group.com 

Short on time? Skip ahead:

00:01 Intro

05:58 A brief history of the VAT system in the EU

07:26 What is the problem with the transitional VAT system?

09:43 What is the definitive VAT system?

12:57 What could impact the chargeability of VAT under the proposed system?

14:09 How to keep off the naughty list

16:55 Principles of the definitive system

17:55 How sales would be reported

19:35 Is Christmas really coming?

24:05 Challenges in implementing the definitive system

28:05 Closing thoughts

Read Jacek’s contribution on how tax will change in the 2020s in the September/October edition of Accounting Technician.

CREDITS

Your hosts are Jacek Szufan, Sylvia Petkova and Rob Hutchinson

Producer: Carlie Bonavia

Theme music: Roulette Wheel by JAM Studio, purchased from Shutterstock Music

Value Added Talk is a production of TMF Group.

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