Treasury winning VAT fraud battle

Treasury winning VAT fraud battle

The government strategy to tackle VAT fraud has saved billions of pounds for the taxpayer, Treasury minister John Healey has claimed.

Link: £160m VAT fraud trial resumes

He was speaking at an 11 Downing Street seminar with representatives from the mobile phone and computer chip industries.

It followed the arrest of 12 fraudsters involved in a multi-billion pound bullion and computer chip fraud.

Healey said that the Customs and Excise strategy to significantly reduce the losses from VAT missing trader fraud was on track and showed the government was right to take the lead in tackling the world wide problem of tax fraud.

He said: ‘VAT fraud is not a victimless crime.

‘It lines the pockets of criminals, forces legitimate traders out of business, and robs the honest taxpayer of more than £2bn a year.

‘But we are showing we have the right strategies, the right skills and the right people to crack the crime gangs and protect the revenue we need for our public services.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource