What is VAT?

Abstract

Over 50 per cent of the EC budget comes from a proportion of the Member States' VAT. Each Member State has a unique constellation of VAT rate, collection and remission procedures and prosecution policies. Some of these constellations create potential ‘internal tax havens’ within the Single Market. The author argues that an effective strategy to protect the finances of the Community after the transition period would require (i) the harmonisation of some of the collection procedures, (ii) improved mutual assistance and (iii) the setting of some minimum standards of prosecution throughout the Community.

Citation

White, S. (1996), "What is VAT?", Journal of Financial Crime, Vol. 3 No. 3, pp. 255-259. https://doi.org/10.1108/eb025716