On 4 October 2017, the European Commission announced the launch of a proposal for "the biggest reform of EU VAT rules in a quarter of a century". According to the announcement, the Commission will seek agreement on four fundamental principles, or 'cornerstones' of a new definitive single EU VAT area: Tackling fraud: VAT will now be charged on cross-border trade between businesses. Currently, this type of trade is exempt from VAT, providing an easy loophole for unscrupulous companies to collect VAT and then vanish without remitting the money to the government. One Stop Shop: It will be simpler for companies...