VAT – EU to Update Regulations on the Exchange of Information between Tax Authorities
The VAT Regulation on administrative cooperation (Regulation 1798/2003) is being substantially amended to enhance exchange of information and cooperation between tax authorities to counter fraud.
Among the main changes are:
- Eurofisc – the establishment of a new operational structure to facilitate the exchange of information between Member States and coordinate risk.
- Joint responsibility among Member States for the protection of tax receipts.
- The granting of direct access to Member States to taxpayer databases maintained by other Member States, within defined parameters.