European Commission
Announcement of new VAT Expert Group members
The EC’s VAT Expert Group (VEG), a key stakeholder advisory group, will continue to support the EC’s work on VAT policy under a new mandate running from 2025 to 2028.
The group’s composition has been cut by five in comparison to previous mandates. It seems that more technology companies have been appointed, whilst the European umbrella organisations representing tax professionals have been excluded for the first time.
EU strengthens international tax cooperation with Switzerland
The EU signed on 20 October an amending protocol to reinforce its existing tax cooperation agreement with Switzerland.
The amending protocol expands the automatic exchange of financial account information, in line with the updated Common Reporting Standard (CRS) agreed at international level. This update includes specific electronic money products and central bank digital currencies, ensuring that tax authorities have comprehensive access to relevant financial data.
Additionally, the protocol strengthens due diligence and reporting requirements, facilitating more effective use of information by tax administrations while limiting burdens on financial institutions.
The amending protocol also establishes a new framework for cooperation on the recovery of VAT claims and commits both parties to explore mutual assistance in recovering other tax claims, further enhancing tax cooperation.
European Parliament
Parliament adopts tax simplification recommendations
Accountancy Europe published a public statement indicating the recommendations we believe the EC should particularly take note of. These include improving the VAT system’s functioning and reducing complexity, re-visiting the DACs in light of new developments, exploring equivalence between EU’s public tax reporting rules and international standards, and more.
