VATupdate

EU study highlights complex time-consuming VAT reclaim process

Analysing World Bank Data for 2020, the report says that on average it takes a business nine hours to comply with the VAT refund process. The data shows that it takes 17 weeks to obtain a VAT refund.

According to the data, Italy and Romania are the EU Member States in which complying with a VAT refund takes the longest (approximately 42 and 22 hours, respectively).

Moreover, “Italy, Cyprus and Greece record the highest number of weeks to obtain a VAT refund (around 62, 43 and 31 weeks respectively).”

Aimed at finding ‘fair and simpler taxation’, the report investigates regulatory changes to make VAT compliance easier and more cost effective.

Source VATit

 

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