U.K. House of Lords Calls for EU-Wide VAT Rate to Combat Carrousel Fraud

(Bloomberg) -- British lawmakers called for the
European Union to adopt a common value added tax rate to prevent
fraudulent traders swindling billions of euros from national
treasuries.

The House of Lords European Union Committee said in a report
today that EU nations should introduce a 15 percent VAT rate on
all cross-border trades within the 27 nation block. Trade within
the EU is currently exempt from VAT payments and, when charged,
can be claimed back.


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