EU ROUND UP – EU PLANS VAT REFORM TO TARGET MISSING TRADER SCAMS
May 1st, 2016
THE EUROPEAN Commission is preparing to make something of a political leap of faith by proposing broad reforms to the European Union’s (EU) VAT system, with the goal of undercutting the EU’s chronic missing trader VAT fraud problem.
Such scams cost EU exchequers around EUR50 billion annually according to the Commission. Moreover, according to EU police agency Europol, between EUR40 to EUR60 billion of annual VAT revenue losses within member states (so not just cross-border VAT fraud) is caused by organised crime groups.
So the Commission has announced ...
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