Economic and Financial Affairs Council, 07/11/2017, 7 November 2017

Main results

Ministers discussed improved VAT rules to help facilitate electronic commerce and online businesses.

The proposals are aimed at making it easier to buy and sell goods and services online. They are part of the EU's 'digital single market' strategy. The aim is also to improve the collection of VAT on digital services.

The presidency confirmed that discussions would continue with a view to reaching an agreement before the end of 2017.

“We need new rules to adapt our VAT system to the digital era", said Toomas Tõniste, Minister for Finance of Estonia, which currently holds the Council presidency. “We are currently close to an agreement and hope to conclude soon.”

Ministers discussed proposals aimed at strengthening financial supervision and encouraging capital market integration in Europe.

The aim is to enable financial markets to operate more effectively and to better address new challenges. And changes to supervisory relations with non-EU countries will ensure better management of all financial sector risks.

The reforms feed into the EU’s plan to secure a capital markets union by the end of 2019, for which ministers again expressed strong support. National experts will continue work on the proposals, starting with targeted amendments to address shortcomings in the current system.

The Court of Auditors presented its annual report on management of the EU budget, confirming a sustained improvement in estimated levels of error in payments.

On the basis of the report, it will be decided whether to issue a discharge to the Commission for implementation of the 2016 budget.

The Council also adopted conclusions on the way forward to developing customs IT systems.

• Council conclusions on the way forward to developing customs IT systems