Business Taxation, VAT Overhaul Get EU Lawmaker Approval

An EU effort to revamp value-added tax and business taxation should emphasize fairness and simplification, especially for smaller companies, lawmakers said Thursday.

The European Union should push forward with initiatives on a single EU VAT registration system and EU VAT number, obligatory e-invoicing based on a common EU standard, and introduction of a bloc-wide corporate income tax return, according to a non-binding resolution. It was adopted by the European Parliament in a 476-78 vote, with 129 abstentions.

The measures could reduce pressure on small companies, for which tax compliance is 30% of their tax burden, while for large companies ...