European Authorities Get New Tool To Stop VAT Fraud
Law360 (May 15, 2019, 8:43 PM EDT) -- European authorities have a new tool to fight fraud in value-added tax that could provide faster access to transaction information, the European Commission said Wednesday.
The commission, which serves as the European Union's executive arm, said the EU states could now use a new system to exchange and process VAT data, which the commission said could help lead to faster detection of potential fraud.
The tool, called Transaction Network Analysis, “will allow tax authorities fast and easy access to cross-border transaction information, leading to quick action when potential VAT fraud is flagged,” said a press release.
Transaction Network Analysis was developed through...
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