VALUE ADDED TAX AND ITS FRAUD ANALYSIS.

This article examines the concept of value added tax, the EU directives governing the value added tax (VAT) rate base as well as the change of standard rate in European Union countries. The article explores the topic of VAT gap caused by evasion and fraud, the negative effects of fraud and tax evasion, being serious social and economic phenomena. Annual revenue loss due to VAT evasion and fraud on EU territory equals nearly 170 billion euro. The basic aim of this article is to overview and evaluate anti evasion measures. The reduction of fraud and tax evasion allows the creation of budgetary resources necessary to the allocation of funds for economic growth. [ABSTRACT FROM AUTHOR]

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