An agreement boosting VAT cooperation and providing a legal framework for the prevention of VAT fraud between the EU and Norway was signed in Sofia, Bulgaria on 6 February 2018. Following the same structure that is currently used between the 28 member states, with the same instruments, this agreement marks the first of its kind with a non-member state that forms part of the European Economic Area.
Norway has a similar VAT system to the EU and this agreement seeks to eliminate weaknesses in the way VAT transaction chains are controlled that can be exploited by fraud schemes.
This story was originally posted on VAT Life, Quipsounds quarterly newsletter in association with Essentia Global Services. Click here to see the story and more on VAT Life.