- EU import rules are prone to tax fraud
- Two simplified procedures identified as vulnerable
- EU is negotiating an overhaul of customs procedures
- Report by European Court of Auditors highlights ease of VAT fraud
- Importers can undervalue products to pay less VAT
- Procedure called Release for free circulation CP42 is especially susceptible to abuse
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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