European Parliament supported Standard VAT Return initiative

European Parliament supported Standard VAT Return initiative

26 February 2014 European Parliament supported a new standard VAT return proposed by EU Commission. 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).

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. It is expected that the standard VAT return will replace national VAT regulations from 01 January 2017.

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 

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