New Directive 77/388/EEC on system of value added tax01/04/07 / cata_european-union-news

Council Directive 77/388/EEC of 17 May 1977 on the harmonisation of the laws of the Member States relating to turnover taxes — Common system of value added tax and uniform basis of assessment has been significantly and repeatedly amended. Therefore there was need for an updated and integrated Directive governing the system of added valued tax. The new Council Directive 2006/112/EC on the common system of value added tax summarizes the whole system and stipulates the rules to be generally applied. The Directive also contains a list of Directives that are repealed by this Directive. This Directive entered into force on 1 January 2007 and must be implemented by Member States by 1 January 2008.