Close Menu
    Latest Category
    • Finance
    • Tech
    • EU Law
    • Energy
    • About
    • Contact
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Login
    • EU News
    • Focus
    • Guides
    • Press
    • Jobs
    • Events
    • Directory
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Home » EU to strengthen cross-border cooperation on VAT fraud

    EU to strengthen cross-border cooperation on VAT fraud

    npsBy nps8 June 2010Updated:25 June 2024 Finance No Comments2 Mins Read
    — Filed under: Council of Ministers EU Law EU News fraud Taxation VAT
    Share
    Facebook Twitter LinkedIn Pinterest Email

    EU Finance Ministers today reached an agreement on a draft regulation which will enable EU member states to combine efforts in combating fraud with regard to value-added taxation (VAT).

    The main innovation involves the creation of Eurofisc, a network of national officials to detect and combat new cases of cross-border 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. VAT fraud is often organised on a crossborder basis, in particular so-called carrousel schemes where goods are traded amongst several operators in different member states without paying VAT to the tax authorities.

    The Economic and Financial Affairs Council has highlighted the need for a common approach, so as to make cooperation between tax administrations more effective and to give member states the means to combat VAT fraud more effectively.

    The draft regulation, which recasts regulation 1798/2003, specifies the cases in which member states must exchange information spontaneously, the procedures for providing feedback on such information and situations in which member states must conduct multilateral controls.

    The Eurofisc network, in which all member states will participate, will enable targeted and swift action to be taken in order to combat new and specific types of fraud. It will involve a multilateral early warning mechanism, and the coordination of both data exchange and the work of liaison officials in acting upon warnings received.

    The regulation will be adopted without discussion at a forthcoming Council meeting, once the text has been finalised.

    Add A Comment
    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    nps
    • Website

    Related Content

    Investment - Photo by Anna Tarazevich on Pexels

    EU agrees on shorter settlement cycle for securities trading

    Brussels to postpone market risk prudential requirements under Basel III by one more year

    Euro dollar - Photo by cottonbro studio on Pexels

    Euro, US dollar dominate extra-EU trade in 2024

    Mînzatu - Dombrovskis - Photo © European Union 2025

    Competitiveness and security the focus of EU’s ‘spring package’

    Euro ATM - Image by Peggy und Marco Lachmann-Anke from Pixabay

    Bulgaria cleared to join euro on 1 January 2026

    Valdis Dombrovskis - Photo © European Union 2025

    Moderate growth set to continue for EU economy in 2025: spring forecast

    LATEST EU NEWS
    Accessibility - Photo by RDNE Stock project on Pexels

    EU accessibility act into force for key digital products

    30 June 2025
    Christophe Hansen - Photo © European Union 2025

    EU agrees new trade deal with Ukraine

    30 June 2025
    Space satellites - Photo by Kevin Stadnyk on Unsplash

    EU cuts red tape in space

    30 June 2025
    Euro - ECB-Photo by Mika Baumeister on Unsplash

    Glimmer of risk appetite post UK-US trade deals – Euro currency news daily

    30 June 2025
    Repair faulty goods - Image by Militiamobiles from Pixabay

    Cross-border disputes to be made easier under new EU alternative dispute resolution rules

    26 June 2025

    Subscribe to EUbusiness Week

    Get the latest EU news

    CONTACT INFO

    • EUbusiness Ltd 117 High Street, Chesham Buckinghamshire, HP5 1DE United Kingdom
    • +44(0)20 8058 8232
    • service@eubusiness.com

    INFORMATION

    • About Us
    • Advertising
    • Contact Info

    Services

    • Privacy Policy
    • Terms
    • EU News

    SOCIAL MEDIA

    Facebook
    eubusiness.com © EUbusiness Ltd 2025

    Design and developed by : 

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?