EU Creating Central Database Of VAT Payments To Fight Fraud
Law360, Brussels (November 8, 2019, 3:45 PM EST) -- The European Union will create a central database of value-added tax payment information to help battle VAT fraud, with the adoption Friday of a proposal by the bloc's rotating presidency, currently held by Finland.
The approval of the legislation by the 28 members of the Economic and Financial Affairs Council will enable EU members to coordinate the collection of records made available electronically by payment service providers such as Worldpay or Visa that facilitate the transactions, according to the proposal.
Information from payment service providers, or PSPs, is necessary for tax authorities to carry out their “basic tasks of detecting fraudulent...
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