12 Questions
In a triangulation involving three VAT registered traders in different EU Member states, where are the goods delivered?
To a trader in a third Member state (MS3)
What is the primary purpose of a triangulation involving three VAT registered traders?
To simplify cross-border trading within the EU
For a triangulation to occur, how many VAT registered traders are involved?
Three
What happens when a trader established in one EU Member state sells goods to a trader established in another EU Member state?
The goods are delivered to a trader in a third Member state
Triangulations involves two supplies of goods between the three Value-Added Tax(VAT) registered trader in three different European Union (EU) Member states. For example, when a trader established in one Member State(MS1) sells goods to trader established in second member state(MS2).The goods ,however, are delivered to a trader in a third Member state(MS3).
triangulations
For a triangulation to occur, how many VAT registered traders are involved?
three
What happens when a trader established in one EU Member state sells goods to a trader established in another EU Member state?
triangulation
In a triangulation involving three VAT registered traders in different EU Member states, where are the goods delivered?
third
What is the purpose of the Intra Community Acquisition (ICA) in the context of triangulation?
To facilitate the VAT free supply from company B to company C
How does company C account for the transaction with company B in its VAT return?
As a received supply
What is the impact of company B quoting its VAT number in the context of triangulation?
It triggers the VAT information exchange system (VIES) return
What does it mean for company C to be deemed to have accounted for company B's VAT liability in member state 3?
Company C is considered to have fulfilled its VAT obligations related to company B
Learn about the concept of triangulations involving the supply of goods between three VAT-registered traders in different European Union member states. Understand the process and implications of such transactions within the EU VAT system.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
