Combating Tax Frauds

Italy’s police have unraveled a tax evasion scheme worth millions of euros. Italian companies relocated to Bulgaria and registered as owners elderly people who had no idea they had become company owners.

It is clear that the so-called fraudsters just wanted to steer clear of Italy’s high taxes, VAT included, and availed themselves of Bulgaria’s lower taxes.

Europeans are free to set up companies or shift their place of business to whichever EU member state they choose. This however poses the risk of financial frauds. How can they be prevented? 

There is just one way to do that - synchronization of national tax legislations and rule of law. Of course, this needs monitoring. That’s why structures should be set up to be in charge of this activity. But they should not be national, but EU level structures, so that impartiality and objectivity is assured.

Europe needs a wide and non-stop monitoring of how tax legislation is implemented. This would leave little room for frauds, anywhere inside it.

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