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Tuesday, March 06, 2012 1 VAT Invoicing rules and Explanatory Notes European Commission Directorate General for Taxation and Customs Union Gary Wilkinson.

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Presentation on theme: "Tuesday, March 06, 2012 1 VAT Invoicing rules and Explanatory Notes European Commission Directorate General for Taxation and Customs Union Gary Wilkinson."— Presentation transcript:

1 Tuesday, March 06, 2012 1 VAT Invoicing rules and Explanatory Notes European Commission Directorate General for Taxation and Customs Union Gary Wilkinson

2 Tuesday, March 06, 20122 Explanatory Notes - background VAT Invoicing Directive (2010/45/EU) Enter in force 1 January 2013 Current rules Member States may require e-signatures or EDI Future rules Business controls that create a reliable audit trail between the invoice and supply Equal treatment with paper invoices

3 Tuesday, March 06, 20123 Explanatory Notes Why explanatory notes? Better understanding of Invoicing Directive Allow Member States to transpose legislation in a more uniform way Provide business information to adapt to new rules in time Mentioned in Communication (COM(2011) 851) on the future of VAT Not replace VAT Committee guidelines or an Implementing Regulation

4 Tuesday, March 06, 20124 Explanatory Notes Characteristics of explanatory notes Collaborative work Issued by DG TAXUD Reflect views of Member States – consulted in VAT Committee and Fiscalis seminar in Malta Reflect views of business Not legally binding Not comprehensive Work in progress Reflect available knowledge and experiences May change to take account of case law

5 Tuesday, March 06, 20125 Explanatory Notes What are in the explanatory notes Mixture of practical help and better understanding of certain VAT invoicing rules Explanatory notes cover Requirements for paper and e-invoices – Section A (12 documents) Issue of invoices – Section B (4 documents) Content of invoices – Section C (5 documents) Storage of invoices – Section D (3 documents)

6 Tuesday, March 06, 20126 Explanatory Notes Explanatory notes on TAXUD website 5 October 2011 in English December 2011 all languages Available at http://ec.europa.eu/taxation_customs/taxation/vat/ traders/invoicing_rules/index_en.htm

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