At the ECOFIN meeting, legislation on VAT in the digital age will be considered – Economy, finance

At the ECOFIN meeting, legislation on VAT in the digital age will be considered – Economy, finance
At the ECOFIN meeting, legislation on VAT in the digital age will be considered – Economy, finance
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From May 13 to 14, Minister of Finance Arvils Ashradens and representatives of the Ministry of Finance will participate in the Eurogroup meeting and the European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting, which will take place in Brussels, Belgium. Key topics of discussion at the meetings will include capital market developments and the Value Added Tax (VAT) legislative package in the digital age.

At the meeting of the Eurogroup, including in the format of the Banking Union, it is planned to hear the report of the Chairman of the Supervisory Board of the Banking Union and the report on the recent activities of the Single Resolution Board. It is also planned to look back at the issues discussed at the annual meetings of the trustees of the International Monetary Fund and the World Bank and at the meeting of finance ministers and central bank governors of the G20 countries. On the other hand, it is planned to discuss the prevention of the lack of knowledge in the context of the competitiveness of the Eurozone, as well as the overview of the capital markets union, at the Eurogroup’s extended format meeting.

The ECOFIN meeting is expected to consider the way forward for the “VAT in the Digital Age” package. One of the main priorities of the package is the modernization of VAT reporting obligations and the facilitation of e-invoicing by introducing the obligation to provide digital and real-time reports. Solving the problems of the platform economy is also a key priority in order to prevent inequality in the application of VAT between traditional and digital industries.

Ministers will exchange views and discuss Faster and Safer Relief for Excessive Withholding Taxes (FASTER). The objective of the FASTER Directive proposal is to make EU withholding tax procedures more efficient, while strengthening them against tax fraud and the risk of tax abuse. The basis of the proposal is the arrangement of those aspects in the member states, which would promote the application of justified tax benefits to dividend income, as well as speed up this process.

At the meeting, the European Commission will inform the ministers about the economic and financial situation in Ukraine. The participants will also discuss the progress in the implementation of the financial services directives and the status of the implementation of the legislation.

Ministry of Finance

The article is in Latvian

Latvia

Tags: ECOFIN meeting legislation VAT digital age considered Economy finance

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