Join the Community

20,823
Expert opinions
43,682
Total members
385
New members (last 30 days)
165
New opinions (last 30 days)
28,189
Total comments

It is our money..

Be the first to comment

Studies made for EU reveal that the VAT Gap (difference between theoretical VAT receipts and actual payments) exceeds 100BN€ every year since 2000 (118,8bn€ in 2009). All of this is not fraud or loopholes - there can be legal exceptions. In any case it is our money - something we tax payers should be interested in getting paid (to get lower salary taxes etc).

The gap varies between 1% (Luxembourg) and 30% (Greece). 

The most efficient way of getting the fraudulent and loophole parts under control is to migrate from paper based invoicing to e-invoicing and collect the VAT in connection with invoice payments (split payment as described in earlier posts here). 

More:

http://ec.europa.eu/taxation_customs/resources/documents/taxation/tax_cooperation/combating_tax_fraud/reckon_report_sep2009.pdf

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

20,823
Expert opinions
43,682
Total members
385
New members (last 30 days)
165
New opinions (last 30 days)
28,189
Total comments

Now Hiring