A new standard VAT return has been proposed by the European Commission. The aim of this initiative is to decrease red-tape for businesses, ease tax compliance and make tax administrations across the Union more efficient.
The standard VAT return will eliminate this problem, by replacing the 28 diverse national systems with a simple and uniform EU approach.
This new stardard VAT will remove one of the major tax obstacles for companies in our Single Market, saving businesses up to €15 billion a year. It will also facilitate greater tax compliance offering Member States important new revenues without the need for higher taxes.
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