During its meeting of June 22, 2018 the Economic and Financial Affairs Council (ECOFIN) reached a political agreement on the text for a COUNCIL REGULATION amending Regulation (EU) No 904/2010 and Regulation (EU) 2017/2454 as regards measures to strengthen administrative cooperation in the field of value added tax. The proposal on which ECOFIN came to an agreement on is aimed at containing fraud in the short term, pending implementation of a definitive VAT system. Proposals to replace the current ‘transitional’ VAT provisions by a definitive system are currently under discussion.
The purpose of the amendments is to:
· improve the exchange and analysis of information shared by the member states’ tax administrations and with law enforcement bodies;
· strengthen Eurofisc, a network of national tax officials for the exchange of information on VAT fraud;
The Council Regulation furthermore introduces new instruments for cooperation such as administrative enquiries carried out jointly.
According to a press release issued by ECOFIN in this respect, the regulation will be adopted without further discussion once the European Parliament has delivered its opinion. The Council needs unanimity to adopt the regulation, after consulting the Parliament. (Legal basis: article 113 of the Treaty on the Functioning of the European Union.
Click here to be forwarded to the text of the DRAFT COUNCIL REGULATION amending Regulation (EU) No 904/2010 and Regulation (EU) 2017/2454 as regards measures to strengthen administrative cooperation in the field of value added tax, as made available on the website of the European Council/the Council of the European Union.
Copyright – internationaltaxplaza.info