Eurofisc, established in 2010 to combat cross-border VAT fraud, uncovered a record €12.7 billion of fraudulent or suspicious transactions across the EU in 2023. The organization, comprised of all EU member states plus Norway, is supported by the European Commission to rapidly exchange and process VAT data. In 2023, it detected 582 businesses linked to VAT fraud, identified 3,492 individual VAT fraudsters, and deregistered 2,352 suspicious fraudsters for VAT. Additionally, 121 networks of trading companies were considered at high risk of VAT fraud. The cases of VAT fraud being picked up by authorities have seen a remarkable rise, with a total of 12.7 billion fraudulent or suspicious transactions uncovered in the EU in 2023, compared to 10.8 billion in the previous year, 8.1 billion in 2021, and 3.3 billion in 2020. The rise of digitalization has transformed the way businesses manage tax, with increased use of e-invoicing and SAF-T for faster and more efficient invoicing.
Source Innovate Tax
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