2 December 2014

Progress towards the common EU VAT return has been slow, with the most recent meeting of ECOFIN concluding that the Italian presidency should consider the best solution to achieve broad agreement between the member states. Some would like to limit the impact on business by keeping the number of data fields low, whilst others insist that certain statistical information is required to reduce the incidence of fraud. The original proposal was for 5 mandatory boxes and up to 21 optional ones. The number of optional boxes may have to increase, diluting the potential value of the proposal.