European Commission – standard VAT return

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.

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