RTvat, carousel fraud and other EU VAT fraud

You may be aware that the EU member state governments are currently losing an estimated €100 billion per year (€275 million per day) due to carousel fraud and other VAT-related deceptions.

At RTVat, a not-for-profit company formed by members of the electronic commerce and payment processing industries, we are confident there is a simple, effective and cost-efficient solution which could be implemented very quickly to eliminate this fraud and increase the efficiency of the tax collection system throughout the EU.

The solution is based on existing tried and tested technology and methodologies, and could be swiftly deployed to cut the fraud losses at a stroke and re-direct the recovered funds to more worthwhile projects.

The EU Commission talks of changes taking many years to take effect; we believe our proposal, if given the appropriate support, can be operating within a much shorter timeframe. We also believe an important additional benefit for merchants is in the reduction of administrative costs in moving to a settlement-based collection process, rather than the delayed invoice format; this goes a long way to satisfy the Lisbon accord target in this regard.

We are currently gathering support among interested political, organisational and commercial organisations throughout Europe. Contact us at www.rtvat.eu for further information.