European Parliament backs Standard VAT Return

The European Parliament has endorsed the European Commission’s plans to introduce a standard VAT return for businesses across the EU when filing their VAT returns. As reported in Chartered Tax news last year, it is proposed that an EU VAT Return will replace national VAT returns for the purposes of standardising information and standardising filing deadlines across the EU.

We understand from the Department of Finance that Ireland is supportive in principle to proposals to standardise the VAT return while also being cognisant of the need to minimise administrative burdens on taxpayers.

Ireland is participating in the Council Working Party discussions on the standard VAT return. A unanimous agreement is required by the Council of the European Union before a standardised VAT return can be introduced across the European Union.

Further details of the Commission’s proposals are available on its website

http://www.charteredaccountants.ie/en/General/News-and-Events/News1/2014/March/European-Parliament-backs-Standard-VAT-Return1/

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