On September 10th the European Commission published its annual VAT gap report. The report shows that the European Union Member States lost a total of €140 billion in VAT in 2018. Even more worrisome is the forecast that those same Member States will lose a total of €164 billion in VAT over 2020 due to the COVID-19 pandemic. Luckily there is also positive news as Commissioner Gentiloni is planning to ‘step up the fight against VAT fraud’.[1] In this blogpost, we will first discuss the key takeaways of the VAT Gap report of the European Commission, after which we analyse what is being done to close this gap and show how summitto can help to achieve this goal.
Source: Summitto
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