VAT Changes
VAT changes to modernise cross border trading will be introduced over a 3 year period from 1 January 2010 and will include;
- Changes to the place of supply rules for cross border supplies of services. More information is in Budget Note 74 and Budget Note 75.
- Completion of quarterly EC Sales Lists. More information is in Budget Note 76.
- A new electronic VAT refund procedure for cross border supplies of services. More information is in Budget Note 77.
The temporary rate of 15 per cent will cease on 31 December 2009, and the standard rate of VAT will return to 17.5 per cent from 1 January 2010. Legislation will be introduced to counter schemes which purport to apply the temporary rate after 31 December 2009. More information is in Budget Note 71 and Budget Note 72.
