2020 VAT Gap forecast – a potential loss of €164 billion
The EU VAT Gap (the difference between expected revenues in EU Member States and the revenues actually collected) figures for 2020 forecast a potential loss of €164 billion in 2020 due to the effects of the coronavirus pandemic on the economy.
The 2020 VAT Gap Report shows that the overall EU VAT Gap slightly decreased by almost €1 billion to €140.04 billion in 2018, slowing down from a decrease of €2.9 billion in 2017. This downward trend was expected to continue for another year, though the coronavirus pandemic is likely to revert the positive trend, as the 2020 forecast reveals.
Read the Commission Press Release here.
Click here for further information on the VAT Gap.