The European Union’s 28 member nations may be losing almost €200bn annually in value-added tax revenues due to tax evasion and a lack of enforcement.

THE US and Europe will pursue levies on the financial system “in their own way” rather than through a common global tax plan, according to an aide to President Barack Obama.

EUROPE-wide rules on taxing companies is necessary to improve the EU’s economy, Commission president Jose Manuel Barroso said just days after the Government submitted a study saying it would not benefit Ireland.

BANKS, insurance companies and fund managers would be allowed reclaim VAT under proposals from the European Commission.

THE price of a standard stamp will increase by 21% or about eight cent under proposals released by the European Commission.