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EU VAT Proposals SW Conservative MEP, Julie Girling, has sounded a warning over plans from Brussels to "harmonise" the VAT process across Europe. Her warning follows a report in July, which went to the European Parliament's Economic and Monetary Affairs Committee, on the future of VAT. It calls upon member states to keep their VAT rates above 18 per cent and potentially up to 25 per cent so that rates across Europe. In addition, it proposes the introduction of a standard European invoice for all transactions and a "Common EU VAT Rulebook" covering what goods and services are taxed and how businesses account for VAT. It says all member states should operate the same collection and administration processes for VAT. Girling says she is worried that the harmonisation scheme could pave the way for the introduction of an additional Europe -wide VAT, feeding money directly into the Brussels coffers. The move towards such "own resources" taxation - which would give the EU its own revenue stream and bypass national governments - is proposed in the European Commission's latest long-term budget plans. |
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