EU ECONOMY AND FINANCE MINISTERS DIVIDED OVER MEASURES TO COMBAT VAT FRAUD
March 1st, 2013
EUROPEAN Union (EU) economy and finance ministers have blocked an attempt to grant the European Commission special powers to authorise emergency measures by member states wanting to fight a sudden outbreak of major VAT fraud, such as carousel frauds.At present, if such steps breach the EU VAT directive, unanimous authorisation is required from the EU Council of Ministers. This can take a year – during which time fraudsters can bilk national treasuries of millions of Euros. Brussels proposed that it could itself authorise within one month such anti-fraud actions ...
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