Press Release: Taxation: Commission presents options for simpler and more robust future VAT regime

Ideas on how to ensure a simpler, more effective and more fraud-proof VAT system tailored to the Single Market in the EU were outlined in a paper published by the Commission on the 30 October 2014. The aim was to create a ' definitive VAT regime ', to replace the temporary and out-dated VAT system, which had been in place in the EU for over 2 decades. The future VAT regime should better meet the needs of businesses in the Single Market and be less susceptible to fraud than today’s system is. The Commission services document, which followed extensive consultations with Member States and stakeholders, set out five options for shaping the future VAT regime.

• Primary Source

European Commission: RAPID: MEMO/14/607: Reform of the VAT system: Frequently asked questions http://europa.eu/rapid/press-release_MEMO-14-607_en.htm

ESO: Background information: Standard VAT Return: Easing life for businesses and improving tax compliance http://www.europeansources.info/record/press-release-standard-vat-return-easing-life-for-businesses-and-improving-tax-compliance/

ESO: Background information: Taxation: Study confirms billions lost in VAT Gap http://www.europeansources.info/record/press-release-taxation-study-confirms-billions-lost-in-vat-gap/

EurActiv, 04.12.14: Gas and electricity fraud force energy groups to speak out http://www.euractiv.com/sections/euro-finance/gas-and-electricity-fraud-force-energy-groups-speak-out-310568

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