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In an attempt to crack down on VAT (TVA) fraud, the European Commission is considering plans to create a European database allowing national authorities to access taxpayer data in other countries, reports euobserver.com. The "Eurofisc" scheme would aim to prevent "carousel" fraud, whereby a person buys VAT-free goods in one country and sells them on VAT-included conditions in another, pocketing the tax. It is estimated that Europe's governments lose up to €200bn-€250bn in VAT receipts per year, equivalent to 10%. Although this move would take the strain off EU strained public budgets, it could face tough opposition from national governments. An EU executive added that strict rules would have to be agreeed before the potentially controversial database were introduced, as unanimous endorsement of the plan is required across all 27 countries.
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