Quote:
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After our acquisition of Various, we became aware that Various and its subsidiaries had not collected VAT from subscribers in the European Union nor had Various remitted VAT to the tax jurisdictions requiring it. We have since registered with the tax authorities of the applicable jurisdictions and have begun collecting VAT from our subscribers in the European Union and remitting it as required. We have initiated discussions with most tax authorities in the European Union jurisdictions to attempt to resolve liabilities related to Various' past failure to collect and remit VAT
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I'd just like to point out this small phrase.
For the americans amoungst you who are selling to europe and not registered for vat and paying it over on your european sales. You are going to have an interesting few years.
This is going to be huge over the next couple of years with yanks back paying vat they didn't pay over.
Oh and before you declare how EU countries can't enforce it, they can, they do, they are and they are going to target people selling into the EU without paying over the VAT, this is going to be the big target for EU tax collection agencies over the next few years.
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