European Union: EU puts generalised Reverse Charge in place

30 January 2018
Eu News

With the start of the New Year came an implementation from the EU to introduce a voluntary general VAT reverse charge created by the EU to try help with regards to domestic transactions within EU member states. What this will try to do is to combat and help regulate any fraud which would perhaps otherwise happen in regular VAT situations. The new implemented system will help regulate this by requiring all B2B customers to account for VAT and removing any cash payments. However, for the time being at least any member state must have transactions above 17,500 Euros. The implemented reverse charge will currently run until 2022 after which its effectiveness will be evaluated.

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