TaxSource Total

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

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Billions lost in uncollected VAT in the EU in 2014 according to the Commission

The latest research shows that the overall difference between the expected VAT revenue and the amount actually collected (the so-called ‘VAT Gap’) amounted to €159.5 billion in lost VAT revenue across the EU in 2014.

The VAT Gap rate ranged from a high of 37.9% of uncollected VAT in Romania to a low of only 1.2% in Sweden. In absolute terms, the highest VAT Gap of €36.9 billion was recorded in Italy while Luxembourg had the lowest of €147 million. The VAT GAP in Ireland for 2014 amounted to €1.195 billion while the VAT GAP in the UK amounted to €14.313 billion.

In response to ongoing concerns in respect of the VAT GAP across the EU, the Commission adopted the Action Plan on VAT – Towards a single EU VAT area in April 2016. The plan sets out actions to tackle the VAT Gap as well as strategic long term solutions to overcoming VAT fraud and improving VAT collection across the EU.