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June 2009 – From 01 January 2010 VAT Rate reverts to 17.5% and changes applied to services provided across the EU
On 1st January 2010 there are a couple of changes in the VAT Regulations. It’s the end of the 15%
rate as the standard rate goes back to 17.5%.
In addition to that there will be material changes to the way in which businesses charge for
services to other EU countries. For B2B transactions, the supplier will apply Reverse Charge
VAT and this will need to be evident on the invoice to the customer.
The invoice recipient will need to account for both the output and input tax on the
transaction applying their own local rate of VAT. The detailed rules are complex and
will result in a change to the formats of the EC Sales List.
For Dimensions users we will provide this functionality via Service Packs for all Dimensions
versions from 2.43C onwards and this will be standard within Dimensions Version 2.44f.
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