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Tuesday, March 06, 2012

VAT Invoicing rules and Explanatory Notes. European Commission Directorate General for Taxation and Customs Union Gary Wilkinson. Tuesday, March 06, 2012. 1. Explanatory Notes - background. VAT Invoicing Directive (2010/45/EU) Enter in force 1 January 2013 Current rules

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Tuesday, March 06, 2012

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  1. VAT Invoicing rulesand Explanatory Notes European CommissionDirectorate General for Taxation and Customs UnionGary Wilkinson Tuesday, March 06, 2012 1

  2. 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 Tuesday, March 06, 2012 2

  3. 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 Tuesday, March 06, 2012 3

  4. 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 Tuesday, March 06, 2012 4

  5. 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) Tuesday, March 06, 2012 5

  6. 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 Tuesday, March 06, 2012 6

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