The Minister of Foreign Affairs has sent a letter to the Senate and House of Representatives with information about new legislative proposals from the European Commission.
Fiche 4: Directive and regulation on VAT rules for the digital age
The reason for the proposed directive and regulation (is twofold. Firstly, there are currently sub-optimal VAT collection and control methods. The VAT gap in Europe (estimated at €93 billion for 2020) indicates the total amount of lost VAT revenue. A significant part of this is caused by intra-Community VAT carousel fraud. Domestic VAT fraud and VAT evasion, VAT evasion, bankruptcies, calculation errors and administrative errors are other causes of the VAT gap. Secondly, the current VAT system imposes considerable administrative charges and compliance costs.
Source Taxence
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