On Dec 8, 2022, the European Commission has launched its proposal which includes measures to modernize the VAT system to avoid fraudulent activities, primarily through Digitalization. It aims to address the VAT problems created by the growth of the platform economy.
According to the most recent VAT Gap numbers, EUR 93 billion in VAT revenues were lost in 2020. This is bad for the public finances, no doubt. Thus, the proposed action seeks to collect up to EUR 18 billion more in VAT revenues annually while helping businesses to grow, especially SMEs.
Source: GVC
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