European Union
In European Union (EU) the European Union Value Added Tax ("EU VAT") allows merchants to charge VAT on the sale of goods when they sell goods to another member state.
Figures released in September 2006 by Eurocanet, a project sponsored by the European Commission, appear to show that the United Kingdom is the main victim of this fraud – the UK lost an estimated €12.6 billion during 2005–6 – followed by Spain and Italy, which each lost over €2 billion. From 1 June 2007, the UK is introducing changes to the way that VAT is charged on mobile phones and computer chips to help combat fraud. UK plans to introduce changes to the way VAT is charged on a wide range of goods from December 2006 were aborted because of failure to reach an agreement with other EU member states.
Read more about this topic: Missing Trader Fraud
Famous quotes containing the words european and/or union:
“I can never suppose this country so far lost to all ideas of self-importance as to be willing to grant America independence; if that could ever be adopted I shall despair of this country being ever preserved from a state of inferiority and consequently falling into a very low class among the European States.”
—George III (1738–1820)
“I would save the Union. I would save it the shortest way under the Constitution. The sooner the national authority can be restored; the nearer the Union will be “the Union as it was.””
—Abraham Lincoln (1809–1865)