On 4 October 2017, the European Commission announced the launch of a proposal for "the biggest reform of EU VAT rules in a quarter of a century". According to the announcement, the Commission will seek agreement on four fundamental principles, or 'cornerstones' of a new definitive single EU VAT area:
- Tackling fraud: VAT will now be charged on cross-border trade between businesses. Currently, this type of trade is exempt from VAT, providing an easy loophole for unscrupulous companies to coll…