If you are an internationally operating company with a high turnover and transnational turnover of more than €50 million, you will find this post helpful. The European Commission has finished the negotiations about the new EU VAT system. The name of the new regulation is EU-VAT (European Union Value Added Tax). The VAT Commissioner Algirdas Šemeta said: "Member States and stakeholders need to be aware that we're in a time of significant and rapid change in our economy." The new proposals mean that all companies with international trade will have to register for VAT in each country where they do business. All countries that already had an agreement about this tax will automatically adopt these amendments. The adoption will take place on January 1st, 2015. The new measures will make the taxation process more complicated. This change will affect all companies that are not based in Europe or companies whose turnover exceeds €10 million (or even more). According to the new EU-VAT rules, if your company's turnover exceeds €10 million you need to provide VAT automatically for each country where you do business. Each country has different rates and methods of taxation. If your sales exceed €10 million you need to be aware of this obligation and meet it in a timely manner. These rules affect all companies which trade across borders not only physical goods but also services and intangibles such as patents, copyrights, trademarks etc.. The new rules were implemented from mid-2008. The legislation was intensively discussed and many countries have been changing their legislation to allow the implementation of the new rules. Furthermore, US companies with a turnover of more than $1000 will have to follow these requirements if they want to trade in Europe. When you register for VAT in a country it means that you will need a VAT number and an account in the tax administration's database. Each country has its own system and you need to know how it works before registering for VAT. When your company is not registered in one country the government can levy penalties or even close down your business without any notice at all. If your company's turnover exceeds €10 million you need to obtain VAT numbers and register for VAT in each country where your company is doing business. This will not be a problem for physical goods but will be a huge problem if you trade with services and intangibles such as patents, copyrights, trademarks etc.. The main goal of the new rules is to prevent tax evasion and tax fraud. When the EU-VAT system is active, it will be easier to track what goods do companies import and export within the European Union. The information about these goods will help the government track suspicious activities such as money laundering. The new rules affect all companies with sales over €10 million (or €200k for construction companies). If your company's turnover is less than €10 million you can choose if you want to register for VAT or not. This is because the new rules allow you to register and de-register very easily. As a consequence, there will be no change in the taxation of goods (physical and immaterial) that are not transported from country to country. If your company imports or exports goods from/to countries outside the European Union then there will be no changes as well because this regulation does not affect those transactions.
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