EU ministers agree to establish Eurofisc
Economic and Finance Ministers of 27 EU states met in Luxembourg Monday to exchange views with the International Monetary Fund on euro-area policies. The EU ministers have agreed to establish Eurofisc - a “common operational structure” which would allow member states to coordinate “rapid action in the fight against cross border VAT fraud, according to foreign media reports.
VAT fraud cause several billions-worth damages to the EU states annually. Eurofisc is intended to create a European network of officials from national tax administrations, which should allow “a very fast exchange of targeted information” between member states, as well as the “setting up of common risk and strategic analysis” to combat the ever-expanding value-added tax (VAT) fraud schemes.