By Cristina Enache
The European Parliamentary Research Service recently released a report evaluating the compliance costs for businesses and consumers of the current value-added tax (VAT) system and analyzing the environmental and social effects of reduced VAT rates. The report concludes that reducing the VAT gap—the difference between the tax collected and the tax that should be collected if all taxpayers, consumers, and businesses fully complied—will give countries additional tax revenue and reduce compliance costs.
Source: taxfoundation.org
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