New rules may affect tax money transfers

UK investors who are responsible for imposing value-added tax (VAT) on their goods may be affected by proposals to stamp out fraud.

The European Commission (EC) recently put forward regulations that aim to reduce the number of people who do not pay VAT.

If implemented, the proposals will see more information on taxpayers being released to officials in a bid to uncover illegal activity.

Laszlo Kovacs, taxation commissioner for the European Union, stated that the move may help bolster eurozone economies, which can have an impact on expats making money transfers to finance their businesses.

He said: "In the current economic situation it is more important than ever to fight tax fraud efficiently.

"Rapid access to taxpayer databases can be very useful and the new proposal grants tax authorities of other member states direct access to a defined set of information."

Meanwhile, an EC scheme to boost communication among international healthcare providers may help UK emigrants get quicker medical care.

Click here to make an International Money Transfer.

By Linsey Summers