As EU governments make rapid changes to reporting and payment schedules in response to the coronavirus pandemic, international VAT service provider Accordance has launched a Covid-19 Tax Authority tracker to help businesses navigate the rapidly changing international VAT situation.
Tax authorities across Europe are updating their meeting procedures, penalty ad interest timelines, and VAT reporting and payment schedules in order to support economic activity. Although these changes should ease the immediate burden on businesses, those who trade in multiple territories will need to keep abreast of each country’s differing assistance measures.
It is important for businesses to understand that a prerequisite for many of these assistance measures, including VAT payment deferrals, is that companies continue to file their VAT returns on time. As such, despite deferrals and changes to procedures, businesses should still be preparing their data and submitting in the usual way. To assist businesses through these changes, Accordance has launched the Tax Authority tracker free of charge.
Accordance CEO Lucy Franklin said: “The scale of the challenge we face is unprecedented, and businesses across the continent must play their part in safeguarding the future of the economy and protecting jobs.
“At Accordance we’re committed to helping businesses feel at home in Europe, and so we’re offering our knowledge of and proximity to EU Tax Authorities to assist other businesses in this complicated moment. Our updates will collate, synthesise and decode Tax Authority changes for the wider business community – as they could have a significant impact on business planning and immediate cash flow.”