Does your accounting software comply with the VAT Package rules?

From 1 January 2010, your accounting system must comply with the new VAT rules. This could be a complex, time-consuming matter entailing new VAT and accounting reporting obligations, and will have an immediate effect on your business. Companies should therefore be preparing for the upcoming changes and finding out how the changes will impact their business and their systems. Virtually every undertaking that trades cross-border stands to be affected.

The changes fall into four different areas:

• new rules on the place of supply;
• new intra-EU reporting obligations for services subject to the reverse charge;
• simplified electronic procedures submitting and processing 8th Directive refund applications;
  
• special schemes for electronic supplies.

What can PwC offer you?

PwC can help ensure that your accounting system complies with the legal requirements by providing services including:

• pre-implementation analysis of compliance and business requirements;
• assistance during implementation of the new reporting and VAT obligations;
  
• compliance review of implemented ERP and other reporting solutions;
  
• post-implementation assistance, particularly training and end-user assistance;
  
• analysis of opportunities for your business;
  
• providing important information on the new legal obligations;

If you have any questions, please contact your client engagement team.