As we reported earlier combating VAT fraud was one of the subjects that was on the Agenda of the meeting of the EU Economic and Financial Affairs Council (ECOFIN) that took place on January 15, 2016. In his remarks made at the ECOFIN press conference, Commissioner Dombrovskis noted that the European Commission intends to present an Action Plan against VAT fraud in March 2016.

The Commissioner noted that Each year, almost €170 billion of tax revenues are lost because of VAT fraud. Where At the same time, businesses face complex and inefficient VAT collection systems, especially when they go cross-border.

According to the Commissioner, the European Commission intends to address these issues in an Action Plan, which it intends to present in March. According to Commissioner Dombrovskis the action plan will set out ways to tackle VAT fraud, especially - but not only - on cross-border transactions. The Commissioner noted that the European Commission will look at the option of the reverse charge mechanism, but that it will also have a look at other options to tackle tax fraud.

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