A number of European Union (EU) wide changes to the Value Added Tax (VAT) rules applying to business-to-business (B2B) intra-EU sales of goods - referred to as the ‘Quick Fixes’ – will take effect on 1 January 2020.
In total, there are four Quick Fixes, which are as follows:
In this article, David Duffy and Ashlinn Huisman of KPMG’s VAT team describe the proposed changes. They identify the key VAT implications for businesses and potential challenges for businesses from a process and technology perspective in relation to implementing these changes. The introduction of the Quick Fixes is likely to mean changes to the manner in which businesses process the supply of goods and should be borne in mind in the case of any planned changes to the business supply chain affecting the movements of goods within the EU.
David and Ashlinn suggest some ‘next steps’ that your business might take to prepare for the Quick Fixes.