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New transparency rules to combat fraud in trans-border payments come into force

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New transparency rules have come into force from 1 January 2024 to help EU fight value added tax (VAT) fraud, Agerpres reports.

According to a press release from the EU executive, the new rules will provide EU ' tax administrations with payment information that will enable them to detect VAT fraud more easily, with a particular focus on e-commerce, a sector highly prone to non-compliance and fraud of this kind. This, in turn, creates gaps in the tax revenue from which vital public services are paid. For example, some online sellers who are not physically present in…

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