EU Seeks Banks' Credit Card Data To Fight Online VAT Fraud
Law360 (December 12, 2018, 12:52 PM EST) -- Banks would have to share credit card data with European tax authorities under a draft law proposed by the European Commission on Wednesday, in a bid to cut value-added tax fraud using bogus online stores by €1.2 billion ($1.4 billion).
Under the proposal, payment service providers would have to send tax authorities details, including revenue, bank accounts and VAT numbers of any cross-border trader who received more than 25 payments in a quarter from European web users. Tax authorities would pool the data in a central European Union repository so that anti-tax-fraud specialists could check notes and spot fraud.
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