Friday 17 May 2019
9:30 – 10:30   
New VAT rules for distance sales in 2021
Patrick Wille, President VAT Forum

The European Commission approved Directive 2017/2455 on 5 December 2017. Article 2 introduces a € 10,000 threshold for distance sales of goods with effect from January 2021 and changes the distance sales rules completely.
Marketplaces, platforms, portals or similar tools that facilitate e-commerce supplies for non-EU suppliers shall be deemed to have received and supplied the goods themselves.
The good news is that, from 2021 onwards, suppliers making distance sales and exceeding the new threshold will be able to rely on the OSS (One Stop Shop) for the payment of VAT at the destination. What are the practical consequences and risks for businesses?

Panel discussion

10:30 – 11:00 Coffee break

VAT considerations in Distributed Ledger Technology
Matthew Zampa, Partner Zampa Debattista

How does the existing VAT legislation regulate businesses operating in the blockchain space?  What are the current pitfalls?  The session will introduce the audience to different operations that blockchain businesses might be involved in, with a view to identifying the applicable VAT treatment. We will mainly analyse the VAT treatment of the following in the light of the existing guidance available at EU level and the guidelines published by the Commissioner for Revenue:

  • Different types of DLT assets;
  • The raising of capital through initial coin offerings and security token offerings;
  • Different types of exchanges and their VAT treatment;
  • Other service providers such as miners; digital wallet providers and portfolio managers;

Panel discussion

12:30 – 14:00: Lunch

14:00 – 14:45
Make Tax Digital
Richard Asquith, VP Global Indirect Tax,  Avalara

What are the UK’s new requirements for VAT records and filing introduced in April 2019?
What is the digital journey?
What software options are available to comply with the new API portal?
How has HMRC modified the penalties regime?
What are HMRC’s future plans for transaction reporting?

14:45 – 15:30
David Bennett

David will describe recent decisions by the Court of Justice of the European Union and consider their implications for those selling travel within the EU.  He will also look at the European Commission’s plans to reform the TOMS rules.  This will include a summary of the conclusions of the European Commission’s recent study on the application of the current TOMS rules and on options for reform of those rules.  He will cover discussions between the Commission and the Member States on the study’s findings, assess what is likely to change and what the effect of such changes would be.

15:30 – 16:00 Coffee

16:00 – 17:00 
The VAT Action Plan: new VAT rules in 2022

17:00 – 17:15 
Wrap-up of the day
Patrick Wille, President VAT Forum

Social event
A walking tour of the old town of Limassol, including the medieval Limassol Castle, where Richard the Lionheart married Berengaria of Navarre and crowned her Queen of England in 1191. The tour ends with a sit-down dinner at a traditional Cyprus tavern in full view of the castle.