Fine-tuning in the EU'S VAT system - The mysteries of the "Quick fixes"
Although the earlier planned fundamental reform of the EU’s VAT system has not been implemented yet, with the coming of 2020, as an interim step, the European Union’s added value tax system will arrive to a new milestone with the so-called “quick fixes” entering into effect. The aim is to make the handling of VAT issues in intra-Community transactions uniform. Be sure to start making timely preparations for the changes coming from next year!
Although the earlier planned fundamental reform of the EU’s VAT system has not been implemented yet, with the coming of 2020, as an interim step, the European Union’s added value tax system will arrive to a new milestone with the so-called “quick fixes” entering into effect. The aim is to make the handling of VAT issues in intra-Community transactions uniform. Be sure to start making timely preparations for the changes coming from next year!
Some of the measures could also be found earlier in a similar form and with a similar content in the Hungarian rules, but the efforts for uniformization and refinement within the EU also require some preparations on the part of Hungarian companies. Our present newsletter provides some insight into the ins and outs of the 4 quick fixes, the statutory background of which is already included in the amendment of the Hungarian VAT Act this summer, as well as Implementing Regulation (EU) No 282/2011.
To read the whole newsletter below.
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