date:Sep 22, 2013
EU countries lose nearly 200 billion in sales-tax revenue every year due to fraud and errors, the European Commission today revealed.
The amount of VAT that is slipping through the net is unacceptable, particularly given the impact such sums could have in bolstering public finances, EU Taxation Commissioner Algirdas Sementa said in a statement.
According to a commission study which covered 26 of the EU's current 28 members, a massive 193 billion was missing by tax authorities in 2011.
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