Tip! If you have a customer with EU
export only, you can set this as a default setting within the customer's
contact card; open the settings tab and click Customer.
In the VAT drop-down list you
can then select Export EU.Changes according to the new EU VAT laws
From the 1st of January 2010, the new EU VAT package will come into effect in each of the member countries and as a result all businesses will need to comply with these changes. The current rule states that the place of supply of a service to a business customer (Business-to-business) is where the supplier is established. This will be changed from where the supplier is located to where the customer is located, so that VAT will be better matched to the market in which the services are performed; and as a result avoid double or non taxation conflicts between member states. This has been organised to function in a similar manner to how the EU trade for goods works, where the country in which the supply is made, is the country responsible for reporting VAT (Reverse charge).
Product/service lines with EU export VAT codes
To help you operate within the legal boundaries, a warning message appears in Mamut Business Software when adding an order line with a VAT code for EU sales of products/services where the customer is missing the VAT number. In this case the customer may not run a business and an EU export VAT code may be incorrect.
You can read more here.
Tip! If you have a customer with EU
export only, you can set this as a default setting within the customer's
contact card; open the settings tab and click Customer.
In the VAT drop-down list you
can then select Export EU.
Invoices with product/service lines that have an EU export VAT code
Product lines in invoices that include VAT for EU services or products will contain an asterisk (*). Additional text will be included at the bottom of the invoice, stating that this product will be marked for Intra community supply of products and services. In the Company Settings for Sales and Invoicing you can define if you want to display Mamut's standard text or if you want to create your own text.
You can read more here.
FAQ
If you have more questions related to the legal changes, you can find a FAQ for this on our support site. Use the following link http://www.mamut.com/ie/support/search/Default.asp or enter the search term legal changes.