European Commission proposed standard VAT return
The aim is to ease life for businesses and improve tax compliance.
23 October 2013 European Commission came up with the proposal of a new standard VAT return, which can cut costs for EU businesses by up to 15 billion euro a year.
The proposal foresees a uniform set of requirements for businesses when filing their VAT returns, regardless of the Member State in which they do it. The standard VAT return – which will replace national VAT returns – will ensure that businesses are asked for the same basic information, within the same deadlines, across the EU.
The declaration will have only 5 compulsory boxes for taxpayers to fill in. Member States are given leeway to request a number of additional standardised elements, up to a maximum of 26 information boxes. This is a vast improvement on the current situation, whereby some Member States require up to 100 information boxes to be completed.