The European Commission has adopted proposals to amend the VAT Directive and the VAT Administrative Cooperation Regulation in order to fight so-called “carousel fraud.” Carousel fraud occurs when, in a sequence of transactions between Member States, a trader goes “missing” and does not account for VAT on the final sale to the consumer. The Commission’s proposals aim to reduce this type of fraud by requiring faster information gathering and reporting. Among other things, the proposals require that intra-Community transactions be reported to the Member State in which VAT is due within one to two months, instead of the current three to six months. The Commission also proposes that buyers who engage in transactions valued at more than EUR 200,000 per calendar year should submit VAT declarations on a monthly basis.