1st September 2012

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A Guide to Vat in the EU

A Guide to Vat in the EU
This book covers the concept of Value Added Tax (VAT) in the European Union which is a general, broadly based consumption tax assessed on the value added to goods and services. VAT applies more or less to all goods and services that are bought and sold for use or consumption in the EU. Thus, goods which are sold for export or services which are sold to customers abroad are normally not subject to VAT. Conversely imports are taxed to keep the system fair for EU producers so that they can compete on equal terms on the European market with suppliers situated outside the Union. Each EU country has its own rates of VAT. The book includes the following topics:• Introduction to Value Added Tax (VAT) in EU• What is a VAT taxable person in EU?• How is VAT charged?• Do prices of EU goods/ services already include VAT• How to determine the place of taxation in EU?• Buying goods in other Member States• Buying goods from non-EU countries• Buying services supplied from abroad• Mail order and distance purchasing• Claiming relief if you re-import exported goods• Buying new vehicles, boats and aircraft• Payment of VAT on goods from abroad• Right to deduct input VAT and VAT refunds• How to check if a VAT number is valid• Starting a business• VAT Tax Penalties• If you suspect a VAT fraud• Further information

Tagged: consumption taxvat refundstax penaltiesvat numbernew vehicleseu countriesmember statesmail ordereuropean uniontaxationproducersfraudboats