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Home News & Events TAX LAW NEWS: EU Proposal for a New Standard VAT Return Cross Nationally

TAX LAW NEWS: EU Proposal for a New Standard VAT Return Cross Nationally

Sunday, 27 October 2013 18:26

The European Commission has on 23rd October, 2013 announced a proposal for a new standard VAT Return – which would eventually replace the VAT Return currently applicable nationally in Member States - with a uniform set of requirements for businesses the aim of which proposal is to save up to € 15m annually in the expenses for businesses whilst at the same time, improve tax compliance.

The new standard VAT Return would ensure that businesses are asked for the same basic information up to a maximum of twenty six (26) information boxes within the same deadlines across all Member States. This is a vast improvement on the current situation, whereby some Member States require up to one hundred (100) information boxes to be completed. Member States would still be allowed to request a number of additional information.

The proposal also encourages electronic filing, as new the standard VAT Return would be allowed to be submitted electronically cross nationally.