Enhanced EU VAT system strengthens growth

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The ECOFIN Council has adopted a number of so-called council conclusions supporting the EU Commission's VAT strategy. According to this, businesses should be more involved in the continued development of VAT rules. DI welcomes the conclusions.

In future, the corporate world and other stakeholders should be consulted more intensively when VAT rules are to be changed. This will take place through the setting up of a joint EU VAT forum for member states and companies and through an enhanced hearing process involving all stakeholders at an earlier stage of the legislative work.

Is satisfied

This is one of several useful decisions taken by the ECOFIN Council. DI Senior Adviser, Tax and Accounting Kristian Koktvedgaard, who is also the chairman of the BUSINESSEUROPE VAT working group, is satisfied: "More active involvement of the corporate world in the development of VAT rules is extremely important," he says.

Kristian Koktvedgaard says that improvements to the VAT system are important due to the significance of VAT in day-to-day business procedures. 

Another proposal is cooperation on the design of an EU VAT web portal ensuring easy access for businesses to obtain reliable information on EU VAT legislation.