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'VAT Package' Will Impact Law Firms
As of Jan. 1, 2010, law firms with offices in the EU that make taxable supplies of legal services to business customers in other EU countries have new monthly value-added tax (“VAT”) reporting obligations. Failure to comply with these monthly reporting obligations can result in severe penalties (as much as '500k per annum if you operate in all EU countries).
The EU has announced a package of changes to the VAT rules which mean sweeping reforms to the rules for determining the application of VAT for businesses that supply or purchase services, as well as introducing new monthly VAT reporting obligations.
The main changes that will impact law firms that have establishments in the UK and other EU countries are:
- Changes to the rules on the place of supply of services for most business-to-business transactions; and
- A requirement to complete a monthly EC Sales List for supplies of taxable services to which the reverse charge applies.
Changes to the Rules on Place of Supply of Services
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