{"id":2171,"date":"2010-12-14T12:10:01","date_gmt":"2010-12-14T12:10:01","guid":{"rendered":"http:\/\/ihbconline.co.uk\/newsachive\/?p=2171"},"modified":"2010-12-14T12:10:01","modified_gmt":"2010-12-14T12:10:01","slug":"eu-vat-consultation","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=2171","title":{"rendered":"EU VAT consultation"},"content":{"rendered":"<p><strong><br \/>\n<\/strong><span style=\"text-decoration: underline;\">The European Commission is inviting interested parties to submit their contributions in response to the questions raised in the \u2018Green Paper on the future of VAT\u2013 Towards a simpler, more robust and efficient VAT system\u2019, with consultation closing on\u00a031 May 2011.<br \/>\n<\/span><br \/>\nAll stakeholders affected by this initiative \u2013 all citizens, organisations, businesses, public authorities, tax practitioners, tax experts and academics &#8211; are invited to provide their views on this matter<\/p>\n<p><span style=\"text-decoration: underline;\">Objective<br \/>\n<\/span>Value added tax\u00a0(VAT) constitutes a major source of revenue for national budgets of the Member States of the\u00a0European Union. However, the VAT system, which is based on legislation adopted at European level and applied at national level, suffers from numerous shortcomings which do not make it fully efficient and compatible with the requirements of a true single market.<\/p>\n<p>The aim of this consultation is to launch a broad based debate with all the stakeholders on the evaluation of the current VAT system and the possible ways forward to strengthening its coherence with the single market and its capacity as a revenue raiser whilst reducing the cost of compliance.<\/p>\n<p>The Green Paper covers in particular the treatment of cross border supplies, as well as other key issues addressing tax neutrality, the degree of harmonisation required in the single market and reducing &#8220;red tape&#8221; whilst ensuring VAT revenues for Member States.<\/p>\n<p>Taxation commissioner Algirdas \u0160emeta said: &#8220;We need a VAT system for the\u00a021st century: simple, modern and effective. VAT is paid by citizens, collected by businesses and is a main source of revenue for member states, so everybody has an interest in this tax. I would urge people to make their voices heard in this consultation, so that we can ensure that the future VAT system works better for everyone.\u201d<\/p>\n<p>The commission said that the current economic situation has highlighted the important role that VAT plays in ensuring economic stability and growth. VAT is a major source of revenue for Member States (up to 20% of total tax revenue). \u201cIt can be expected to become even more important as the recession and aging populations affect other revenue sources,\u201d it added.<\/p>\n<p>PostOnline: <a href=\"http:\/\/www.postonline.co.uk\/post\/news\/1930071\/ec-launches-vat-consultation\" target=\"_blank\">LINK<\/a><br \/>\nEC Consultation: <a href=\"http:\/\/ec.europa.eu\/taxation_customs\/common\/consultations\/tax\/2010_11_future_vat_en.htm\" target=\"_blank\">LINK<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Commission is inviting interested parties to submit their contributions in response to the questions raised in the \u2018Green Paper on the future of VAT\u2013 Towards a simpler, more robust and efficient VAT system\u2019, with consultation closing on\u00a031 May &hellip; <a href=\"https:\/\/newsblogs.ihbc.org.uk\/?p=2171\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2171","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/2171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2171"}],"version-history":[{"count":2,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/2171\/revisions"}],"predecessor-version":[{"id":2173,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/2171\/revisions\/2173"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}