12
Feb

From 1 January 2012, the EU introduced a regulation on administrative cooperation in the field of VAT. Since then, this regulation has allowed EU member states access to each others VAT databases and has facilitated the general sharing of information in an attempt to fight the ever-increasing instances of VAT fraud. This has enabled EU tax authorities to work together to decrease the amounts of lost VAT revenue (which totalled €193bn in 2011).
 

In an attempt to further decrease lost revenue, particularly in the telecoms and e-services sectors, the EU has undertaken exploratory talks with Norway, Russia, Canada, Turkey and China in an attempt to put in place a framework for information sharing similar to that introduced by the EU regulation. Recently, further negotiations have commenced with both Russia and Norway on the subject, and both of these countries have indicated that they would be willing to commence formal negotiations.
 
 
Source: accordance vat

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