Authorities on alert for evolved VAT scams
Tax investigators are on the look out for modified versions of carousel fraud schemes
Officials at HM Revenue &
Customs are having to revise their tactics in the fight against
carousel fraud as criminals find new ways to skirt the latest measures
introduced to clampdown on the fraud.
The reverse-charge mechanism, which comes into force today, will change the
way VAT is paid on goods used in
carousel
fraud chains, such as microchips and mobile telephones.
Officials are now on the alert to see whether the fraudsters use other goods
to skirt this new regime, the
FT reports.
HMRC is using search engines to pick out unusual trading patterns. It is
feared that criminals may now start using iPods, satelitte navigation systems,
razor blades and golf equipment.
Further reading:
VAT changes ‘will hurt carousel fraud fight’
Lords call for radical changes to VAT system
VAT registrations up for sale to fraudsters
