VAT

Part 2: DAC7 & record-keeping obligations for digital platforms

Welcome to Part 2 where we take a closer look at DAC7 which introduces an automatic exchange of information between Member States’ tax administrations for income generated by sellers on digital platforms. In its political guidelines (“A Union that strives for more”) for the next European Commission 2019-2024, the EU Commission reiterated its willingness […]
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New VAT obligations for electronic marketplaces

“It was high time we updated our tax rules to reflect the growing importance of digital platforms for the European Economy. Once the new rules (…) are adopted and implemented, national authorities will automatically exchange information on the revenues generated by sellers on these platforms, and those sellers will benefit from simpler administrative procedu […]
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How you’re going to make it to the new VAT system of 2022

Have a look at this timeline for the new, definitive VAT system. You may realize that 2022 is not so far away. Though that deadline remains subject to the recommendations of the EU Commission, the time to act is right now! Fortunately, the VAT package offers several measures, or “short-term quick fixes,” adopted by many Member States for entry into forc […]
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What you should know about the VAT package of 2022

“VAT is a major source of tax revenue for EU Member States. Yet, we face a staggering fiscal gap: the VAT revenues collected are EUR 170 billion short of what they should be. This is a huge waste of money…”[1] Pierre Moscovici’s statement feels quite clear. The VAT rules, as they currently exist, do not seem suitable for a constantly evolving tax envi […]
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Solving VAT fraud, once and for all, with blockchain

1954 marked a milestone in the history when, in Edina, Minnesota, construction began on the first-ever modern-era shopping mall. The “Southdale Center”, which still exists, was the first fully enclosed, climate-controlled shopping centre in the world, boasting space for 70 shops. The same year, in France, tax authority director Maurice Lauré introduced a […]
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Year-end tips for Luxembourg taxpayers

December is a month of mixed emotions. Holidays like St. Nicholas Day and Christmas bring a lot of cheer—but they also, well, they don’t cost nothing. Perhaps saving is on your mind. If so, I have a few suggestions for ways to save on your tax bill before the end of this month! https://www.youtube.com/watch?v=VsOp7I5wVZk&feature=youtu.be Watch the vide […]
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