On 15 May 2019, the European Commission announced the launch of a new tool that will assist in the reduction of VAT fraud. --- VAT Fraud: New tool to help EU countries crack down on criminals and recoup billions Today, the Commission welcomes the launch of the latest EU weapon to help cut down on criminal Value Added Tax (VAT) fraud, which leads to a gap in public finances to the tune of €50 billion a year. The new system will allow Member States to rapidly exchange and jointly process VAT data, leading to earlier detection of suspicious networks. The...