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VAT: an update on the three-year cap

Category Technical Articles
AuthorTechnical Department
Article by Michael Bailey, indirect tax partner, PricewaterhouseCoopers LLP. This article appeared in the April 2006 issue of Tax Adviser. Tax legislation in the EU and in other EU member states is based on a number of principles. One of those is legal certainty. According to this principle, neither tax authorities nor taxpayers should be exposed to an unknown liability to tax (or a liability to repay it) for an indefinite period. European law therefore allows VAT legislation to include time limits that restrict the period that taxpayers have to recover VAT paid or not recovered in error.

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