How much money is lost to VAT and carousel fraud?
Although there’s no definitive figure, based on statistics from the UK and Germany it’s generally agreed that the ‘VAT gap’ due to uncollected tax and fraud costs around €120 billion per annum; that’s €325 million per day, €10 million per hour, or €200,000 for each minute that passes without a solution. Carousel fraud is estimated to account for 25% of this.
