Businesses 'need to be aware of EU VAT changes'
Commercial insurance
21st June 2010
New alterations to the way in which VAT is chargeable and when it is applicable need to be examined by businesses to ensure they do not lose money.
This is the view of an expert from Meridian Global Services, who noted the European Union (EU) changes could encourage companies and event organisers to work more closely together.
Director of international VAT consulting Paul Quigley explained that policy guidelines coming into force on January 1st 2011 will mean that the services of event organisers will be subject to different rules concerning cross-border taxation.
He pointed out that rules relating to VAT on admissions and on services will differ, meaning it will be imposed "instead of being where the event takes place, it will be where the customer has established their business".
Those seeking a UK insurance policy for an event may also be interested to learn that there is now guidance published by HM Revenue & Customs on its website to provide some clarity regarding the changes that are being brought in.
New regulations are intended to modernise and simplify current cross-border rules regarding supplies of services and goods, affecting many enterprises across the continent.
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