In this month’s meeting of the Economic and Financial Affairs Council (ECOFIN), held in Brussels on 4th December, and further to discussions held in June and October, ministers finally adopted the directive on the four short-term improvements, also known as “quick fixes”, to the EU VAT system.
The “quick fixes” are simplification rules for the EU VAT rules relating to cross-border transactions. Their aim is to improve the day-to-day working of the current VAT system and make life easier for businesses by providing them with legal certainty.
The quick fixes relate to the following:
These improvements will apply as of 1st January 2020 until the introduction of the definite VAT system, which is expected to shift to a destination-based regime and will replace the current transitional VAT arrangements.