Communication on business taxation for 21st century to be published 28 October 2020
According to the latest timetable information from the College of Commissioners, the much-anticipated Commission Communication on Business taxation for the 21st century is scheduled to be published on 28 October. As a reminder, the Communication will set out the Commission’s thinking and possible timelines on digital taxation.
European Commission publishes new VAT gap report, EUR 164 billion in revenue could be lost in 2020 due to COVID
On 10 September, the European Commission published its latest VAT gap report. According to the report, EU countries lost an estimated EUR 140 billion in VAT revenues in 2018. The report also notes that although the VAT gap has “improved marginally” in past years, figures for 2020 forecast a reversal of this trend with a potential loss of EUR 164 billion in 2020 due to the effects of the COVID pandemic on the economy.