On 12 February 2008, the European Council adopted a comprehensive package of amendments to the VAT system, which will lead to a series of adaptations of the national VAT legislation of the EU Member States in four stages over the next eight years. Although it may take some time before all consequences of the amendments are fully clear, it may be useful to present at this stage, two years before the first amendments come into effect, an overview of the most important features of the new VAT system.