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Brussels unveils standard VAT return plan

[ October 23, 2013   //   ]

The European Commission unveiled plans on 23 October to standardise VAT returns across the Union from 2017. Under its plans, there would be five mandatory information boxes to be completed (chargeable VAT, deductible VAT, net VAT amount, total value of input transactions and total value of output transactions) although member states would be allowed to ask for up to 21 further pieces of information if they wished. Brussels also wants to harmonise the frequency of VAT returns – possibly to one month, although there could be some leeway for smaller firms.

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