In 2020, the member states will have lost 93 billion euros in VAT, said Economics Commissioner Paolo Gentiloni yesterday at the presentation of the project.
Among other things, the EU Commission is proposing an electronic reporting system for VAT. According to the proposal, companies would have to report every cross-border trade transaction in real time via electronic invoices. States could also voluntarily introduce this system domestically.
According to Gentiloni, the states could immediately intervene in suspicious transactions through the real-time reporting system. At the moment, the information is not being provided quickly enough.
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