EU Introduces New System for Tackling Fraud
The EU has confirmed that they will be launching a Transactional Network Analysis tool, which is a new system that’s designed to help EU member states rapidly exchange and jointly process VAT data. The Transactional Network Analysis (TNA) tool became available on May 15th. The Commission member says that this will provide fast and easy access to cross border transactions information, which means that they can quickly detect potential VAT fraud and act upon it straight away. The Commission also adds that the new TNA system will encourage closer cooperation between EU networks of anti-fraud (Eurofisc) experts when jointly analysing information to detect and eradicate VAT carousel fraud. Euofsic can also cross-check information on the TNA system such as criminal records, databases and information held Europo and the EU’ anti-fraud agency.
Portugal Delays Live VAT Invoice Reporting Until July 2019
The Portuguese government have confirmed that they will be delaying the introduction of new mandatory real-time invoice reporting regime for VAT registered companies who sell to government bodies, until 1st July 2019.
This was initially planned to be introduced in January 2019, which required companies that make these types of supplies, to submit their invoices to the tax authorities for checking at the same as being issued to the customer. Once the live VAT invoice reporting regime is up and running, it should stop common errors from transpiring on these types of invoicing and counter VAT fraud in the country. And, if it’s successful, they may consider extending it to all B2B taxpayer transactions in the future.
Zolando encourages consumers to return boxes and bags
E-commerce Company Zolando plans on making its shipping of goods more sustainable. The online fashion platform is planning a pilot for reusable packaging whereby customers return their carton boxes and plastic bags so that they can be reused again. According to the company’s website, it states that packaging must be part of the picture in the company’s vision to become the leading platform for sustainable fashion in Europe. This decision might be partly influenced by a study which highlights that 75% of European consumers say the sustainability of packaging influences their purchasing decisions. The pilot will run and be tested in several countries throughout Europe.