The Standard VAT return is one of the key proposition of European Commission in order to reduce bureaucracy and improve tax compliance in the European Union. A report published by the European Commission proposal provides for, among others, creation of a single EU-wide set of requirements that companies should meet in respect of the VAT return. Businesses would have to submit the VAT monthly, while a micro companies only quarterly. Proposed is the abolition of the obligation to submit EC sales lists. An important simplification will be electronic system of submitting the returns.
For more information please also visit:
http://ec.europa.eu/commission_2010-2014/semeta/headlines/news/2014/02/20140227_en.htm
http://europa.eu/rapid/press-release_IP-13-988_en.htm