Every year, the European Union allows the equivalent of its budget to slip through its fingers in value-added tax (VAT) revenue, although a new study on the VAT gap, published by the European Commission on Thursday 28 September, shows a slight improvement in the collection of this indirect tax.
In 2015, the VAT, in other words the overall difference between anticipated VAT revenue and the amount actually received, stood at €158 billion.
The greatest VAT gaps were to be found in Romania...