“One Return to rule them all, One Registration to find them, One Format to report them all and in the compliance bind them” – Just as the One Ring was one of the most powerful and desired artefacts ever created in Middle Earth, a single VAT return and a single VAT registration could become the most powerful compliance instruments ever implemented in the European Union. But are they as desirable as the One Ring?
As the European Commission is currently looking into modernising VAT compliance and registration obligations, it makes sense to examine the usefulness of a standard EU VAT return and a single EU VAT registration. This post discusses the single VAT return while the following part will focus on the benefits of one EU VAT registration.
Source Aleksandra Bal
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