A client was looking for solutions to improve its protection against VAT fraud.
We identified 17 high-risk categories of goods in seven companies from the capital group, in various countries. Trade among different EU member states created a risk of fraud worth EUR 8m.
Based on our VAT Fraud Tracker tool, we provided the client with a map of high-risk products in various member states, updated every month.
We also pointed out which sales transactions should be treated as more vulnerable to fraud (based on country of destination for traded commodities).
The Client amended its internal transaction verification procedures by adding new criteria for certain products. That allowed them to avoid dealing with high-risk entities that later drew interest from tax authorities and law enforcement.
Clients use the VAT Fraud Tracker to assess potential risk for all of their products.