HUGE LOSSES IN EU VAT REVEALED BY STUDY
September 1st, 2013
EUROPEAN Union (EU) treasuries are losing almost Euro EUR200 billion-a-year in unpaid VAT lost because of non-compliance or non-collection, a European Commission report has concluded. A study of data into 26 member states covering the years 2000 to 2011 calculated that EUR193 billion was lost in 2011, comparing predicted and actual VAT revenues. The report predicted that while fraud was certainly to blame for many losses, bankruptcies, insolvencies, statistical errors, delayed payments and legal avoidance also caused the shortfall. EU taxation Commissioner ...
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