V4 countries draft proposal to fight digital economy fraud

Banking

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The Visegrád Four countries are planning to draft a proposal for the European Commission to fight digital economy fraud, Hungary’s National Economy Minister Mihály Varga said on Friday, according to an announcement by his ministry.

Speaking after a meeting of European Union finance ministers in Amsterdam, Varga said Hungary is proposing the establishment of an international system for the collection of taxes from internet businesses, Hungarian news agency MTI reported.

Under the planned proposal, banks and companies that provide electronic payment services would collect a withholding tax on internet transactions, and as the system is foreseen to operate in all EU member states, it cannot be circumvented by tax cheats, Varga said, according to MTI. 

The minister added that one of the most important topics discussed at the meeting was the review and possible consequences of the Panama Papers leak. He stressed that Hungary’s National Tax and Customs Authority has set up a dedicated work group of experts to analyze the leaked information on offshore transactions, MTI reported.

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