Fabian Demicoli

VAT Invoicing

 COM (2009) 21 Proposal for a Directive on the common system of value added tax as regards the rules on invoicing. The following measures are being proposed:

simplifying the rules on the chargeability to tax for intra-Community supplies by creating a single date on which the tax becomes chargeable;

changing the rules on the right of deduction (either by applying equal treatment between the requirements of the supplier to issue and invoice and the customer to hold an invoice in order to exercise the right to deduction or extending an existing optional cash accounting simplification measure to all Member States);

clarify as to which Member State's rules apply on invoicing by proposing a set of harmonised rules for b 2 b invoices;

provide for a two-tier system for either a full or a simplified version of a VAT invoice depending on the situation;

treat both paper and electronic invoices equally;

Set out a common EU time period of 6 years for the storage of invoices, wherein paper invoices may also be converted to electronic ones for storage purposes.

Source: MEUSAC General Affairs Committee

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