Significant VAT changes for 2010

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If your company is registered for VAT in the EC or has EC based affiliated operations or VAT registered legal entities take note:

  • All 27 European member countries changed the place of supply for services for EC VAT registered companies effective Jan. 1, 2010
  • Check for changes on your foreign supplier invoices or contracts
  • Look into changes in formalities and handling of your VAT

Important change for EC registered businesses ONLY:

  • New VAT refund claim filing deadline and rules for on-line filing

Increases in standard VAT rates:

  • United Kingdom-17.5% ( from 15%) effective January 1, 2010
  • Croatia-up from 22% to 23%
  • Czech Republic-up from 19% to 20%
  • Latvia-up from 21% to 23%
  • Mexico-a Consumption Tax of 2% has been added to the regular VAT (IVA) rate

A review of invoices, contracts and agreements with suppliers and clients in VAT countries may be necessary.


 


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