EU states back new reporting rules for card payments

LONDON (Reuters) - EU member states provisionally approved new reporting rules for card companies on Friday to combat value added tax (VAT) fraud in cross-border e-commerce.The Council of the European Union, which represents the bloc's 28 member states, said the new rules will enable countries to collect in a harmonised way electronic records from payments companies like banks that operate credit and debit cards used to buy goods online.A new central electronic system will be set up to store the..