VAT payers around the world have been longing for an
easier way to get cross-border reporting done, and they may be in
luck. Maybe.
Right now, each EU member state has almost complete independence
when it comes to the format of the VAT return form. A positive
result of this can be the example of a UK VAT return, where only a
handful of data is requested. However the polar opposite exists in
Italy, where several pages of data must be submitted.
Enter the Standard EU VAT Return. Most VAT payers and VAT/tax
managers have been following this topic with great interest and
high expectations, and rightly so. The vision of one form that is
standard across the EU, helping businesses - particularly ones that
find it hard financially to expand and can't support large tax
and compliance costs - can be exciting.
