The single market has sped up opportunities for growth across many sectors. The Automotive industry has driven these forward, expanding production capabilities. Eastern Europe has reaped the rewards of much of this growth, thanks to its competitive pricing. But despite on the ground savings, many businesses have encountered the hidden costs of expansion as their supply chains become increasingly complex.
VAT and food are surprising bedfellows. EU rules on VAT treatment of food are high on the complexity stakes, and many businesses struggle to stay on the right side of regulations. However, mistakes mean consignments of food stuck in customs and mountains of money lost. Planning in advance in an industry where speed is of the essence is a must.
Businesses increasingly have complex supply chains especially in sectors involving commodities such as chemicals, grain and foodstuffs. They can arise for compelling commercial reasons but goods changing hands regularly means more to contemplate from a VAT perspective - especially when not all parties will be aware of all of the participants in the supply chain. Read on to find out how we can help.
Conferences, events and exhibitions are a VAT registration hot spot. This is because, in the EU, admission to an event, conference or exhibition is liable to VAT in the country where it takes place. But accounting for VAT can be challenging because national legislation varies between member states. In addition, optimising VAT recovery on costs needs to be considered to maximise the profitability of the event.
Online retail is synonymous with modern living. E-commerce is a huge growth area and companies of all sizes are taking advantage of the potential offered by the internet to tap into new markets and cross borders digitally with sales. E-commerce makes a business available to the world, and opens the doors of millions of new customers. But with possibility comes VAT responsibility.
EU regulations relating to services connected with immovable property are implacably complex. Understanding VAT obligations in different nations is essential when providing these services. Requirements differ between member states, and VAT rates are as high as 27% in some countries – so mistakes with liabilities can prove costly.
The digital age is here. As the world moves online, publishing is seeing demand shift from printed materials to digital editions, eBooks and online subscriptions. New rules for electronically supplied B2C services came into force on January 1, 2015. While distribution of electronic materials might be easier, these rules have made VAT a minefield of complexity for the industry.