EU member states have agreed to collaborate on closing EU tax loopholes, such as information sharing and cooperation between national tax authorities and law enforcement authorities.
Image: Olivier Le Moal / Shutterstock
European Union member states have agreed to collaborate on tools to close loopholes in the EU’s value added tax (VAT) system.
The measures, proposed in 2017 by the European Commission, include information sharing and cooperation between national tax authorities and law enforcement authorities.
According to the European Commission, the loopholes in the system could lead to large-scale VAT fraud, creating a loss of about €50bn for EU member states.
Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said: “The new rules agreed today confirm the willingness of Member States to tackle the prob
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