Tag: VIES

EU – Fraud Assessment and Intelligence Tool (FAIT)

Michaela MerzLeave a comment

Effective assessment and monitoring of risks associated with business partners

Carousel frauds have recently become a hot topic in Eastern Europe. Tax authorities investigate hundreds of cases and suspicious schemes also based on information received from the VAT control statements. Read More »

Incompleteness of VIES – good to know

Michaela Merz1 Comment

People sitting on a long bench talking (3) - PwC, Photo_RGB_PC_48164.jpgVIES is an electronic tool for transmitting information relating to VAT registrations (= validity of VAT numbers) of companies registered in the EU. Furthermore, information relating to (tax exempt) intra-Community supplies between Member States’ administrations is also transmitted via VIES. For details see link below:Read More »

VAT Identification number within EU

Michaela MerzLeave a comment

The VAT identification number in the European Union (EU) is:

  • the proof of entrepreneurship within the single market
  • a formal requirement for intra-community supply of goods
  • the formal requirement for the tax exemption of certain cross-border turnovers within the EU
  • in general, also a feature of national invoices in the meantimeRead More »

Italy – new penalties as of August 1, 2012 for incorrect or missing entries in VIES (VAT Information Exchange System)

Michaela MerzLeave a comment

The Italian Tax Authorities will impose penalties in case of EU supplies if the Italian customer’s number is not reported in the VIES. Therefore it is recommended to verify the VIES VAT registration number of your customers to avoid penalties equal to 100% of the VAT amount due.