New French Law May Be 1st Step In Abating Carousel Fraud

Law360 (November 27, 2019, 3:51 PM EST) -- On Sept. 27, as part of the French Finance bill for 2020, France implemented the Quick Fixes Council Directive[1] — adopted on Dec. 4, 2018 by the European Union.

This Quick Fixes Directive aims to introduce adjustments to the current value-added tax rules, notably by securing intracommunity transactions.

In France, VAT fraud is treated as a serious issue and the criminalization of tax law[2] shows that the French government is taking measures to limit the decrease of its resources.

Indeed, VAT is the principal tax revenue of the French government with €154 billion (approximately $173.9 billion) in 2018, which represented nearly...

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