Information Asymmetries in EU VAT

Information Asymmetries in EU VAT in its up-to-date overview of European Union (EU) value added tax (VAT) law assesses legislation, case law, and practice at both EU and national levels, in the process of examining how to minimize the risks and negative consequences associated with information asymmetries. Unlike conventional direct taxes, the application and administration of VAT depends to a considerable extent on the exchange of information between the taxable person and his transaction counterparts. In practice, the taxable person often fails to obtain necessary information from his transaction counterparts, giving rise to information asymmetries that can induce VAT assessments, sanctions, and audits.

What’s in this book:

As a result of his in-depth treatment of the subject, the author establishes the following:

• to what extent information asymmetries in EU VAT have legal implications (e.g., VAT assessments, fines) for the taxable person;
• to what extent information asymmetries should have legal implications for the taxable person, taking into account the legal principles applicable in EU VAT;
• to what extent positive EU VAT law indeed implies the risk of information asymmetries and any associated unjustified legal implications; and
• to what extent legal remedies should be employed to avoid or to reduce information asymmetries for the taxable person.

How this will help you:

This is the first book that thoroughly analyzes the causes and legal implications of information asymmetries in the context of EU VAT, as well as the instruments that can be employed to counter their materialization. As such, it will be of inestimable value to practitioners, legislators, policymakers, entrepreneurs, judicial professionals, and academics concerned with EU VAT law.

FEATURES

Exploration of the role of information in EU VAT

Comprehensive analysis of the implications of statutory EU VAT law for the administration of taxable persons

Evaluation of the implications of information asymmetries in the field of EU VAT (including VAT assessments and sanctions).

Identification of (legal) instruments which may improve information procurement by taxable persons

BENEFITS

For subjects of taxation (taxable persons):

• Optimize legal protection when confronted with information asymmetries in the course of VAT taxation
• Mitigate or avoid the risk of VAT assessments and sanctions (e.g. fines) when an information asymmetry materializes
• Anticipate on legal norms which may lead to information complications and asymmetries
• Arrange information procurement for VAT purposes in the most accurate manner possible

For (EU) legislators:

• obtain insight in the manner in which the (EU) VAT system can be amended in order to facilitate the information position of taxable persons

If the concept ‘taxable person’ is too legal, we could choose to use the term ‘entrepreneur’ instead.