Economy
#VAT - European Commission welcomes adoption of new tools to combat fraud in EU
The Commission has welcomed the general approach reached by member states on new tools to close loopholes in the EU's Value Added Tax (VAT) system. These inconsistencies can lead to large-scale VAT fraud causing losses of €50 billion for national budgets of EU member states each year. Proposed by the Commission in November 2017, the new measures aim to build trust between member states so that they can exchange more information and boost co-operation between national tax authorities and law enforcement authorities.
Once in force, member states will be able to exchange more relevant information and to cooperate more closely in the fight against criminal organizations, including terrorists. Following the agreement, Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici said: “The new rules agreed confirm the willingness of member states to tackle the problem of VAT fraud together. The EU is making real progress on VAT reform, towards a system that is fit for purpose and that stops criminals in their path. Taken together, the Commission's package of VAT proposals, of which these rules are part, will have a profound impact on VAT fraud and a positive effect on the public finances and budgets of EU countries."
A full press release is available here.
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