.png)
.png)
The EU’s VAT system will be better equipped to tackle fraud in the e-commerce sector estimated to be about €5bn a year as a result of new rules agreed by finance ministers during a meeting of the Economic and Financial Affairs Council.
Anti-fraud experts in EU member states will have access to VAT-relevant data held by payment intermediaries such as credit card and direct debit providers that facilitate more than 90% of online purchases in the EU.
Payment service providers will be obliged to provide member state authorities with specified information from cross-border sales which anti-fraud specialists will be able to analyse. In turn both EU and non-EU online sellers will be identifiable when they do not comply with VAT obligations.
Similar provisions already in place in some member states and other countries have shown how such co-operation can have a tangible effect in tackling fraud in the e-commerce...
