New tool to fight VAT fraud

New tool to fight VAT fraud


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The Commission welcomed the launch of the latest EU weapon to help cut down on criminal Value Added Tax (VAT) fraud, which leads to a gap in public finances amounting to €50 billion a year. The new tool will increase the speed at which authorities can uncover and act on suspicious activity.
The Transaction Network Analysis (TNA) tool, which Member States start using from 15 May, will allow tax authorities fast and easy access to cross-border transaction information, leading to quick action when potential VAT fraud is flagged.
The launch of the TNA comes as recent media investigations once again laid bare the huge costs of VAT fraud for public finances, with criminal gangs profiting at the expense of honest taxpayers.

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