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What Does VAT Group Mean?
Value-added tax (VAT) is a consumption tax that is applied to goods and services sold within the European Union (EU). It is a form of indirect taxation and is collected by the seller from the buyer at each stage of the supply chain. To simplify the process of charging and collecting VAT, businesses in the EU are grouped into VAT groups.
A VAT group is a collection of companies that are treated as a single taxable entity for the purpose of VAT. This means that the businesses in the group are treated as a single entity for the purpose of VAT, and the group is responsible for the payment of VAT on all sales and purchases made by the members of the group.
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The main advantage of a VAT group is that it can reduce the administrative burden of filing VAT returns. Rather than each member of the group filing a separate return, the group is responsible for filing a single return on behalf of all members. This can make the process of filing VAT returns much simpler and more efficient.
In order to be eligible to form a VAT group, all members of the group must be established in the same EU member state and must be under common control. Common control is defined as ownership or control of at least 50% of the voting rights in each company. Additionally, the group must be registered for VAT in the same EU member state.
VAT groups are a useful tool for businesses in the EU as they can simplify the process of filing VAT returns and reduce the administrative burden associated with VAT. It is important to note, however, that the members of the group are still individually liable for any VAT due on sales and purchases.