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From 1 January 2020, the valid VAT number of the customer is a material requirement to be able to apply the zero VAT rate for intra-Community supplies of goods in the EU. If the customer’s VAT number is not valid, 0% VAT rate cannot be applied. Companies must make sure that the VAT numbers of their customers are checked. [4]
The fraud occurs when the criminals sell the goods with VAT in the UK but fail to pass the VAT to HMRC. [49] The goods are often repeatedly shipped around EU countries by criminal gang networks, hence the "carousel" name. [50] According to the HMRC, between £1.1bn and £1.9bn tax revenue was lost in 2004/05 due to carousel fraud. [50]
A negative VIES validation result does not necessarily mean, however, that the VAT number of the purchaser is invalid. For example, the Polish law stipulates that an EU VAT number (registered in VIES) must only be obtained by the Polish VAT taxpayers performing intra-community acquisition of goods worth PLN 50′000 or more in a year. All other ...
EU VAT Tax Rates. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
A government paper in March 2017 stated that Value Added Tax (VAT) would become the first tax to move to the digital system in April 2019, but would only be mandatory for businesses and landlords with turnover above the VAT threshold (at that time £85,000).
Trader B paid €220,000 in VAT to Trader A but collected €240,000 in VAT from Trader C, so they hand over only the difference, €20,000, to Slovenia's VAT collection agency. Trader C paid €240,000 in VAT to Trader B and charged no tax on its sale abroad, so they reclaim €240,000 from Slovenia's VAT collection agency.
The tribunal met on 26, 27 and 29 July 2010. [3]The case of CGI Group (Europe) Limited demonstrated that, where an arrangement is structured in order to obtain a particular VAT treatment, it is important to ensure both the contractual documentation and the substance and reality of the arrangement support this treatment.