EU
#VATActionPlan: MEP Dodds says 'EU will combat €40bn of revenue lost to VAT fraud every year'
Dodds said: "This announcement means that George Osborne can finally end the abhorrent Tampon Tax as soon as 2017. By giving rate setting powers back to the UK, the EU is showing that it is both willing and able to change when it gets things wrong. The key battle now rests in the European Council, where the UK Government must fight to set a 0% rate on both sanitary products and renewable energy products. This announcement and reform is a reward for the hard work done by campaigners both in the UK and across Europe.
"This reform of the VAT structure will allow the EU to combat €40bn of revenue that is lost to VAT fraud every year. Only by working at an EU level can we combat this cross-border fraud and bring extra revenue back to the Treasury at a time of cuts and austerity. The UK Government must now resist the temptation to increase VAT on renewables to 20% in the time before these new rules come into force."
You can follow the announcement live here: http://ec.europa.eu/avservices/ebs/schedule.cfm?page=1&date=04/07/2016&institution=0#s327463
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