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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.

“Rules proposed today establish quarterly information-sharing obligations for...

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