€1 trillion fraud issue threatens our tax veto

The battle to recoup about €1 trillion lost annually through tax fraud could threaten the country’s veto on tax issues in the EU.

As just one or two countries now stand in the way of concluding agreements on exchange of bank information and on Vat fraud, EU finance ministers are demanding faster action.

Taxation Commissioner Algirdas Šemeta said the current system, where every country has to agree unanimously to tax legislation, slows down the process and makes change difficult.