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PKF CYPRUS

Local knowledge, global expertise

In the Press

PKF Wallast Partner featured in Bloomberg Tax

26 May 2020

How can we bring Europe back to a healthy financial position? This is the question that Jan Sanders of PKF Wallast tackles in his latest article for leading global publication, Bloomberg Tax.

Jan suggests an overhaul of the VAT system, as it is a key source of revenue for European governments. He believes that it is too complex, and that streamlining is needed. This issue has been pushed to the forefront due to the Covid-19 pandemic, which has resulted in governments “spending like never before to fill the holes in corporate and household budgets,” while “at the same time, the shutdown of the economy has turned off the tap on much of governments’ tax income.”

Jan explores this issue in detail, looking at expectations for the near future, where he says “it is clear that a holding pattern will not be enough” and considers how we might build a better VAT system, as it is a low-cost, low-enforcement method of bringing in income.

The article concludes by proposing three fixes to make VAT more efficient, which include a single rate of VAT, giving up the current exemption system, and adjusting the rules for non-business use.

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