Mind the VAT gap
Apart from Brexit, businesses also need to keep an eye on the progress of European Commission proposals aimed at tackling Vat fraud across the EU, writes BDO's Ivor Feerick
These proposed changes stem from the European Commission’s focus on tackling the ‘Vat gap’, an estimated €151.5 billion of Vat receipts that EU member states lost out on in 2015 alone, which equates to a massive 12 per cent of expected annual EU Vat revenues.
It is estimated that more than 80 per cent of this ‘gap’ arises from Vat fraud on intra-community supplies of goods.
Tackling the Vat gap will involve...
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