David Jetuah, Accountancy Age, Friday 15 October 2010 at 09:43:00

"Eurofisc" network of national tax officials will be tasked with detectingand combating new cases of cross border VAT fraud

European member states will be able to ramp up efforts to combat VAT fraudafter the European Council incorporated new laws.

The regulations will result in the creation of 'Eurofisc', a network ofnational tax officials that will be tasked with detecting and combating newcases of cross border VAT fraud,tax-news.comreported.

Member states will be expected to exchange information and provide feedbackon the way that the data is shared.

All member states are expected to participate in the scheme.

The European Council said the Eurofisc network would be an "early warningmechanism," for international VAT fraud.

"Combating VAT fraud represents a major challenge for the EU, as every yearit costs member states billions of euros in lost revenues," the Council stated.

Further reading:

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