Every year, about €1 trillion is collected in the EU in VAT revenue alone, making it the third-highest tax revenue raiser in the EU on average, behind social contributions and the personal income tax.
As a first objective, the Commission proposes to introduce an EU-wide reporting system on intra-EU business-to-business (B2B) transactions, whereby companies would share, in real-time, data drawn from electronic invoices with the authorities….
For the proposal to become a directive, the Council needs to vote on it with unanimity, after having consulted the European Parliament and the European Economic and Social Committee.
Source: epthinktank.eu
