RegulationCorporate GovernanceUK wins backing from France in carousel fraud battle

UK wins backing from France in carousel fraud battle

Brown gets France to agree on rules to combat carousel fraud

mobile phone

The UK’s battle against carousel fraud took a positive
step forward when chancellor Gordon Brown announced that France had agreed to
drop its refusal to go along with new rules to combat the problem.

Brown said that France’s move left him confident that the introduction of
reverse charge rules would stop the VAT
fraud
, which has cost the taxpayer an estimated £5bn in the last year.

Some European countries have voiced fears that the UK’s rules would see the
problem move to other jurisdictions. Germany and Austria have objected to the
reverse charge rules.

Further reading:

Carousel fraud bill to reach £5bn

Britain’s carousel fraud battle suffers European blow

VAT fraud out of control

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