V1.224 Regulations on VAT

Since the system of VAT adopted by the EU is effected by Directive1, there are few regulations relating directly or solely to VAT.

On 17 October 2005, however, the European Council adopted2 a regulation3 designed to ensure a more uniform application of the common VAT rules in the EU. The regulation covers VAT law relevant to, amongst other things, the place of taxation of various types of services; the exemption of specific goods and services from VAT; the amount to be considered the “taxable amount” for VAT purposes; the definition of electronically supplied services; and accounting details

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