Standard VAT Return – The European Commission new projectCategories: NEWS & Events, RSS
The European Commission on October 23, 2013 in Bruxelles, announced the launch of a new project: Standard VAT Return, which can cut costs for EU businesses by up to €15 billion a year. The aim of this initiative is to slash red-tape for businesses, ease tax compliance and make tax administrations across the Union more efficient.
As such, it fully reflects the Commission’s commitment to smart regulation and is one of the initiatives set out in the recent REFIT to simplify rules and reduce administrative burdens for businesses (IP/13/891). 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. Given that simpler procedures are easier to comply with and easier to enforce, today’s proposal should also help to improve VAT compliance and increase public revenues.
Algirdas Šemeta, Commissioner for Taxation, said: “The standard VAT return presents a win-win situation. Businesses will enjoy simpler procedures, reduced costs and less red tape. Governments will have a new tool to facilitate VAT compliance, which should increase the revenues they collect. Today’s proposal therefore supports both our commitment to a business-friendly Single Market and our drive to improve tax compliance in the EU.”