Online payment providers such as PayPal will be required to share transaction data with tax authorities under a new law formally approved by EU finance ministers.
The law, approved Tuesday, takes effect in 2025. It will also impact credit card companies such as American Express Inc. The new law is aimed at reducing VAT fraud in cross-border e-commerce transactions.
The European Commission estimates e-commerce VAT fraud will cost EU governments about 7 billion euros ($7.6 billion) by 2020.
“Such information is necessary for the tax authorities of the member states to carry out their basic tasks of detecting ...
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