EU beefs up anti-VAT fraud efforts

European member states will be able to ramp up efforts to combat VAT fraud
after the European Council incorporated new laws.

The regulations will result in the creation of ‘Eurofisc’, a network of
national tax officials that will be tasked with detecting and combating new
cases of cross-border VAT fraud,

Member states will be expected to exchange information and provide feedback
on the way that the data is shared.

All member states are expected to participate in the scheme.

The European Council said the Eurofisc network would be an “early warning
mechanism,” for international VAT fraud.

“Combating VAT fraud represents a major challenge for the EU, as every year
it costs member states billions of euros in lost revenues,” the Council stated.

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