A new standard VAT return, which can cut costs for EU businesses by up to €15 billion a year, has been proposed by the Commission.
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. 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, the proposal should also help to improve VAT compliance and increase public revenues.
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