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Brussels establishes a single declaration for VAT refund

Finance and Taxes

The European Commission proposed the introduction of a single declaration of VAT refund. It will be beneficial to companies that operate in more than one European country. The proposed declaration will be an EU-wide, there will be only five required fields and will submit through the Internet. Large companies will have to submit each month, and micro - every three months, reported BNT.
Every year in the European Union filed about 150 million returns each state has its own requirements and in some cases, companies have to fill information in a hundred columns.
It is expected that the introduction of a single form to save the companies a total of € 15 billion per year. If the procedure for the introduction continued with the usual pace, the declaration can be used after about two years.

Source and photo: http://www.bg-daily-news.eu/

(24.10.2013)