The European Commission (EC) has today proposed new rules which it is claimed will give Member States more flexibility to set VAT rates and to create a better tax environment to help SMEs flourish.
The proposals are the final steps of the EC’s overhaul of VAT rules, with the creation of a single EU VAT area to dramatically reduce the €50 billion lost to VAT fraud each year in the EU, while supporting business and securing government revenues.
Further details: “Action Plan on VAT – Towards a single EU VAT“