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.

Related Articles

New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2w Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

4w Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

1m Helen Thornley, ATT Technical Officer
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter