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Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

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Commission Proposes New Instrument for Speedy Response to VAT Fraud

The Commission has published plans for “a Quick Reaction Mechanism” (QRM) to enable Member States to respond more swiftly and efficiently to VAT fraud. Under the QRM, a Member State faced with a serious case of sudden and massive VAT fraud would be able to implement certain emergency measures such as the introduction of a “reverse charge mechanism” to make the recipient rather than the supplier of the goods or services liable for VAT where fraud is taking place.

According to the Commission, a QRM would significantly improve the fight against complex fraud schemes, such as carousel fraud, and reduce otherwise irreparable financial losses. In order to deal with possible new forms of fraud in the future, it is also envisaged that other anti-fraud measures could be authorised and established under the QRM.

The Commission's proposal was published with a press release on Europa http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/868&format=HTML&aged=0&language=en&guiLanguage=en