Following the meeting of the European Union’s (EU) Council of Finance Ministers (ECOFIN) on 8 November 2019, it was reported that the EU’s value-added tax (VAT) system will be amended to help tackle fraud in the e-commerce sector, which is estimated at around €5 billion a year in the EU. New rules provisionally agreed by the EU Member States will make relevant data regarding online purchases available to anti-fraud authorities to fight VAT fraud in the sector.
Source EY
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