The European Union council has agreed upon a reverse charge mechanism aimed
at putting a halt to carousel fraud in carbon permit trading markets.
Member states will be able to introduce the mechanism on an optional and
temporary basis in order to stop VAT fraud. The draft directive, which runs
until 30 June 20015, shifts the liability for the payment of VAT on emission
allowances and services to be moved from the supplier to the customer. Normal EU
rules put the liability on the supplier.
The council said it is also working to apply a similar mechanism to mobile
phones and electronic circuit devices, an industry area often exploited by
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states