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NEWS

European Commission proposed standard VAT return


28/10/2013

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.
Businesses will file the standard VAT return on a monthly basis, while micro-enterprises will only be obliged to do it on a quarterly basis. The obligation to submit a recapitulative yearly VAT return, which some Member States currently demand, would be abolished. The proposal also encourages electronic filing, as the standard VAT return will be allowed to be submitted electronically throughout the Union.

www.intax-info.com

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