A Trillion is a huge amount, its almost too large to imagine.
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As part of the intensified battle against tax fraud, the Commission launched on 6th February 2014 the process to start negotiations with Russia and Norway on administrative cooperation agreements in the area of Value Added Tax (VAT). The broad goal of these agreements would be to establish a framework of mutual assistance in combatting cross-border VAT fraud and in helping each country recover the VAT it is due. VAT fraud involving third-country operators is particularly a risk in the telecoms and e-services sectors. Given the growth of these sectors, more effective tools to fight such fraud are essential to protect public budgets. Cooperation agreements with the EU’s neighbours and trading partners would improve Member States’ chances of identifying and clamping down on VAT fraud, and would stem the financial losses this causes. The Commission is therefore asking Member States for a mandate to start such negotiations with Russia and Norway, while continuing exploratory talks with a number of other important international partners.
One thought on “A Trillion Euro’s lost to tax evasion in the EU”
Very good article and very true. In fact I would estimate there is more last on top of this which benefits the richest the most through pure greed and corruption.
At the same time of course each one tax avoider penalises several hundreds if not thousands of the poverty stricken even more.
It is way overdue that the full weight of justice be brought down on the immense greed of the wealthiest.