Brussels, 29/10/2013 (Agence Europe) - On 29 October, the European Commission published practical guidelines to help telecoms and electronics companies adjust to the new VAT rules that come into force in February 2015.
The new rules differ in that VAT will be paid in the country where the client, rather than the seller, is based. In addition, a one-stop-shop will enable telecoms, broadcasting, electronics and television service providers to deal with all their VAT obligations in all member states from the country in which they are registered. The one-stop-shop will also be accessible to companies registered outside the EU. The idea is to avoid companies having to register in each country where they provide services.
The guidelines, which are available only in English, contain useful tips on registration and processing VAT on a company's ledgers, the format in which information must be supplied, deadlines and payment information to help companies prepare for the new rules and adjust their computers to collect the information that must be submitted from February 2015 onwards.
Additional guidelines will be published next year on the new rules for delivery and supply. (FG/transl.fl)