On 21 September 2018, the European Commission issued a release on the 2018 Report on the VAT Gap in the EU. The VAT Gap is the difference between expected VAT revenues and VAT actually collected and provides an estimate of revenue loss due to tax fraud, tax evasion and tax avoidance, as well as to bankruptcies, financial insolvencies, and miscalculations.

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EU countries lost almost €150 bi…