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 — 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 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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