Isle of Man Treasury Releases Draft Bill on EU VAT Amendments for Call-Off Stock Arrangements

The Isle of Man Treasury Jan. 13 released a draft bill to implement the EU directive on call-off stock arrangements in order to harmonize and simplify VAT rules. The draft bill includes measures that would: 1) simplify the rules for call-off stock arrangements to allow suppliers to avoid VAT registration when transferring goods to a warehouse in another EU country for supply to a known customer; 2) ensure uniform criteria for transactions to qualify as call-off stock arrangements; 3) describe requirements for suppliers to obtain consumer VAT identification numbers and proof of intra-EU supplies; 4) provide an explanation for the ...