We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS