EU Discusses Standard VAT Return initiative

EU Discusses Standard VAT Return initiative

EU Commission has proposed a new standard VAT return. The aim of this initiative is to ease tax compliance and make tax administrations across the Union more efficient as a commitment to the Commission's Regulatory Fitness and Performance Programme (REFIT) (IP/13/891). 

The initiative foresees a uniform set of requirements for businesses when filing their VAT returns, regardless of the Member State in which they do it. In case of coming into force, the standard VAT return will replace national VAT.

The standard VAT return declaration will have only 5 compulsory boxes for taxpayers to fill in. Member States are given flexibility to request a number of additional standardised elements, but not more than 21. Compare to 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 (with year turnover less than 2 million euro) 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.

It is expected the standard VAT return, should it be approved, to come into effect from January 01, 2017.

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