Commentary

V1.102 Principle of the EU common system

Part V1 General principles and rates of tax

V1.102 Principle of the EU common system

The EU common system

V1.102 Principle of the EU common system

The common system of value added tax adopted by the European Union is based on Outputs minus Inputs and member states use nominal rates. However, this is subject to the special schemes provided for in Directive 2006/112/EC1 such as:

  1.  

    •     second-hand goods schemes, see V3.531

  2.  

    •     the flat-rate scheme for farmers, see V2.191–V2.198

  3.  

    •     the tour operators' margin scheme, see V3.591–V3.594

  4.  

    •     retail schemes, see V3.551–V3.576

  5.  

    •     investment gold, see V4.186 and V5.143

  6.  

    •     electronic services to non-taxable persons in the EU, see V2.189E–V2.189XA

  7.  

    •     cash accounting, see

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