What are the changes necessary to implement this type of solution?
It is widely recognised that changes to the VAT system are inevitable and necessary to stem the enormous losses due to fraud; the opportunity is to ensure that them most effective and appropriate changes are implemented with the least possible disruption to businesses and administration. The changes required for the RTvat solution include: • Move from a system of VAT payable on invoice to one of VAT payable on settlement. • Implement a system whereby VAT is paid to the tax authority directly from each merchant’s bank account. • Intra-EU transactions would be taxed at the seller’s rate, with the correct percentage credited back to the VAT-registered buyer’s account via the intra-EU server system.
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