5 CEE Countries, incl. Bulgaria, Demand More Power from EU to Fight VAT Fraud

Austria`s Finance Minister Hans Joerg Schelling (C) with his counterparts Mihaly Varga (L, Hungary), Andrej Babis (2-L, Czech Republic), Peter Kazimir (2-R, Slovakia), and Vladislav Goranov (R, Bulgaria) at a press conference after a meeting in Vienna, Au

The finance ministers of Austria, Slovakia, Hungary, Bulgaria, and the Czech Republic have demanded more power from the European Union to curb VAT fraud.

The finance ministers of the five central and eastern European countries met Monday in Vienna, according to reports of Reuters and news.bg.

Bulgaria was represented by Finance Minister Vladislav Goranov at the meeting.

During the meeting, Austria's Finance Minister Hans J?rg Schelling argued that the existing VAT system had to be changed.

He announced that he expected around 10 countries to back the initiative which had been launched by Austria and the Czech Republic six months ago.

The finance ministers demand a derogation from Article 395 of the Article 395 of the Directive 2006/112/EC allowing a reverse charge mechanism for all transactions above a certain value.

The finance ministers of the five CEE countries want the company buying the goods to be responsible for VAT.

During Monday’s meeting, Goranov expressed Bulgaria’s support for all measures aimed at combating VAT fraud, adding that the country was ready to support such an initiative in the talks with the European Commission.

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