AUDITORS BRAND INEFFECTIVE EU SYSTEM TO FIGHT VAT FRAUD
March 1st, 2016
THE EUROPEAN Union’s (EU) system for fighting cross-border value added tax (VAT) fraud, including the EUR40-60 billion in annual VAT revenue losses linked to organised crime, is ineffective and hampered by a lack of comparable data and indicators, according to a new report from the European Court of Auditors. The EU’s financial watchdog found cross-checks between customs and tax data lacking in most of the five member states visited in a court inquiry – Britain, Germany, Italy, Hungary and Latvia. Its investigators also found that while national tax ...
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