VAT news tagged as "VAT GAP"

Italy

Italy accounts for 29% of all missing EU VAT

September 10th, 2015

In the European Commission’s latest ‘VAT Gap’ study, Italy is shown to account for 29% (€48 billion) of the estimated total missing VAT in the EU (€168 billion). The Commission-sponsored report puts the total missing EU VAT at 15% of the anticipated revenues. In Italy, this proportion is 29%. Italy has recently introduced many measures …


Europe

EU failing on €177 billion VAT Gap

October 24th, 2014

Figures issued on 23 October 2014 by the European Commission show that the VAT Gap – an estimate of uncollected VAT – is continuing to grow despite the efforts of the tax authorities. The new estimates, covering 2012, of the amount of VAT that should have been collected vs actual receipts is €177 billion. This …


Portugal

Portugal VAT amnesty until end December 2013

October 27th, 2013

The Portuguese tax office has announced that outstanding VAT may be declared with reduced fines until 20 December 2013. This latest amnesty was granted with the authorisation of the bail-out partners – the European Central Bank, European Commission and International Monetary Fund. For any previously undeclared Portuguese VAT, there will be no late interest charge, …


Europe

EU member states must broaden VAT base

October 13th, 2013

The EU has criticised a number of its 28 member states for failing broaden the net of goods and services subject to Value Added Tax. Many countries have withdrawn some reduced VAT rates A number of countries, such as Spain and Luxembourg, have increased the numbers of goods subject to the higher, standard EU VAT …


Europe

EC’s Quick Reaction Mechanism to tackle EU VAT fraud

July 20th, 2012

In a communication issued on 31 July from Brussels the Commission adopted a proposal for what has been termed QRM, being a Quick Reaction Mechanism, to enable Member States to tackle fraud faster. Under current European VAT legislation, speedy implementation of anti-fraud changes in VAT procedures is simply not possible. While recognising the positive direction …