EU Commission Seeks Comments on Plan to Revamp VAT System

The European Commission is looking for feedback on plans to overhaul the bloc’s digital tax reporting requirements.

The Commission on Thursday launched a public consultation on a range of legislative proposals that would create e-invoicing requirements and harmonize value-added tax rules dealing with domestic and cross-border transactions. The effort is aimed at cracking down on VAT fraud and cutting costs for businesses, the commission said in a set of documents.

• The EU has estimated that the bloc lost 134 billion euros ($152 billion) in VATs through fraud, avoidance, and other issues in 2019.
• The comment period for the ...