Getting Ready for January 2010
Summary
A new EU Directive on Place of Supply of Service, Intra-Community Refunds and Anti-Fraud Measures is being transposed into Irish law.
It will come into effect on 1 January 2010.
The main areas of change are:
- Place of Supply of Services Rules
- Intra-Community Refunds of VAT
- Anti-Fraud Measures/VIES Statements
The new version of Sage 50 Accounts 2010 brings will comply with this new legislation.
Answer
A new EU Directive on Place of Supply of Service, Intra-Community Refunds and Anti-Fraud Measures is being transposed into Irish law.
It will come into effect on 1 January 2010.
The new version of Sage 50 Accounts 2010 brings you right up to date with this important new legislation.
The main thematic areas of the changes are:
- Part 1 – Place of Supply of Services Rules
For intra-Community supply of Business to Business (B2B) services, the new general rule provides that the place of taxation is the place where the customer is established (reverse charge).
For intra-Community supplies of Business to Consumer (B2C) services, the general rule provides that the place of taxation is where the supplier is located.
There are exceptions to the general rules, which you will be able to find here. - Part 2 – Intra-Community Refunds of VAT
The current procedure will be replaced by a new electronic procedure. - Part 3 – Anti-Fraud Measures/VIES Statements
Suppliers of B2B reverse charge services across Community borders must file a VIES return for those services supplied on or after 1 January 2010. A VIES return is currently necessary only for intra-Community supplies of goods.
In addition, from 1 January 2010 VIES returns must, as a general rule, be made by traders on a monthly basis. Member States will nevertheless still be able to authorise traders with less than EUR 50,000 supplies of goods per quarter (EUR 100,000 up to 31 December 2011) and all service suppliers to make quarterly VIES returns. Additional information is available here.
Program Changes
With this important new legislation about services due to come into force in January 2010, the new version of Sage 50 Accounts 2010 brings you right up to date.
We have added additional Tax Codes and an indicator that identifies whether the Tax Code relates to goods or services.
The VIES has been added to the program.
In addition, using the automatic update feature introduced in Sage 50 2008, we will send you an update of the VAT return when the relevant legislation becomes mandatory.
Version
Sage 50 Accounts 2010