EU Must Revamp Value-Added Tax Collection: Reports

Law360, New York (February 12, 2014, 3:03 PM EST) -- Member states of the European Union must overhaul their approach to collecting value-added tax in order to cut down on widespread fraud and errors that cost them hundreds of billions of euros each year, according to reports the European Commission issued Wednesday.

The commission launched the dual studies in September to examine the tax collection methods of the EU's 26 member countries and identify areas for improvement, after a study estimated they had lost around €193 billion ($262.3 billion) in value-added tax in 2011. Value-added tax...
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