close
Share with your friends

„Quick Fixes” to enter into force from 1 January 2020

„Quick Fixes” to enter into force from 1 January 2020

Starting from 1 January 2020, new rules on the VAT treatment applicable to cross-border transactions will enter into force (the so-called „Quick Fixes” approved by the Council of the European Union). The new provisions will be mandatory for all Member States.

1000

Related content

In a nutshell, the „quick fixes” comprise the following:

  • Stricter rules have been set for the conditions to be met to justify the VAT exemption for intra-Community supplies of goods (with respect to the VAT registration number, the EC Sales and Purchases List - Form 390, and transport documents);
  • Uniform rules have been set for determining the VAT treatment applicable to supplies of goods carried out as part of successive transactions (chain supplies), when an intermediary operator is responsible for arranging the transport of the goods. As a general rule, the supply made to the intermediary operator is considered as being the VAT exempt supply;
  • Call-off stock agreements – the reciprocity requirement has been eliminated.

KPMG comment

All of these VAT changes could have a significant impact on your company’s activity, processes, procedures and systems. If you require guidance on these new rules, our VAT professionals will be pleased to discuss with you.

©2021 KPMG România S.R.L., o societate cu răspundere limitată de drept român, membră a organizației globale KPMG, compusă din societăți membre independente afiliate KPMG International Limited, societate privată engleză cu raspundere limitată la garanții.  Toate drepturile rezervate.

Pentru mai multe detalii despre structura globală a KPMG, accesați https://home.kpmg/governance

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today