Standard EU VAT return would cut costs for cross-border businesses, says European Commission

Its proposal would reduce the amount of information that businesses are required to submit to tax authorities and encourage electronic filing, it said. Businesses would be expected to file the standard VAT return on a monthly basis, while micro-enterprises would only have to submit on a quarterly basis, according to the proposal; and the obligation to submit a yearly VAT return containing the same information would be abolished.

“The standard VAT return presents a win-win situation,” said Taxation Commissioner Algirdas Šemeta. “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.”

The proposal comes as part of the Commission’s programme of work to simplify the common system of VAT and make it more robust against fraud. The High Level Group on Administrative Burdens, set up by the Commission to advise it on reducing the administrative impact of EU legislation on businesses, has also backed the introduction of a standard VAT return.

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Via Standard EU VAT return would cut costs for cross-border businesses, says European Commission.

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