VATLive > Blog > Europe > EU forecasts €24bn in lost COVID-19 VAT

EU forecasts €24bn in lost COVID-19 VAT

  • Sep 11, 2020 | Richard Asquith

The latest EU VAT Gap, estimating missing Value Added Tax receipts has dropped from €140.9m to €140.0bn between 2017 and 2018. However, the EC is expecting a sharp rise in 2020, reaching up to €164bn, 14% of revenues. This is based on EU forecasts of a 7.4% shrinkage in EU economy.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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