CP1078 – Application of VAT to Trading Charges.
Formal title: Application of VAT to Trading Charges.
Current Status
Submission
Assessment
CPC Consultation
Committee Decision
Awaiting Implementation
Implemented
Summary
The Council of the European Union has directed an amendment to the rules on the place of supply of gas and electricity, for the purposes of turnover taxes. This amendment takes effect from 1 January 2005 and directly affects the manner in which VAT is applied to Trading Charges. The BSCCo is obligated to comply with all applicable taxation legislation. This CP will give the BSCCo the tools to do this in an effective manner that mitigates risks and costs to Parties.
Progression
Implemented as part of the February 2005 Release.