The EU VAT system may be transformed

The European Commission is trying to renew the obsolete European Union VAT system. Brussels proposed a reform on the EU VAT system.

“More than 20 percent of the national incomes derive from the value added tax, collected by the companies from the citizens. The union's VAT system was set up 40 years ago, and this control is no longer corresponds with our service-oriented, technology-based economy “- said Algirdas Šemeta, EU Commissioner, responisble for tax matters, the customs Union, as well as for audit and for the anti-fraud policy – reports Világgazdaság Online.