TaxAdministrationTougher penalties needed to fight VAT fraud

Tougher penalties needed to fight VAT fraud

The influential Public Accounts Committee has urged the government to take a tougher approach to VAT evasion ahead of the merger of the Inland Revenue and Customs & Excise.

Link: VAT fraud across Europe hits £67bn

Edward Leigh, chairman of the PAC, said the government should also take advantage of the impending merger to improve data matching to identify traders in the black economy.

These comments come after it was revealed that a whopping £11bn in VAT was lost due to error and fraud.

The government has set a target to cut the amount lost through fraud and error from 15.7% to 12% of the total VAT take.

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