A Panorama special is expected to reveal that VAT fraud over the last year
totalled £8.4bn, more than five times the amount lost to carousel fraud by any
other EU state.
The BBC’s investigative programme will claim that government figures
estimating the fraud at £1.9bn are grossly understated, the Independent
The BBC used the services of a Belgian anti-fraud group to calculate its
numbers. Carousel fraud involves continually importing and exporting the same
batch of goods, with VAT being reclaimed on each transaction.
HM Revenue & Customs is planning to introduce a ‘reverse charge’ scheme
to fight carousel fraud. The change will mean that businesses buying mobile
phones, computer chips and other electronic goods will have to take
responsibility for accounting for VAT in transactions.
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes
Top Ten firm RSM has appointed Nick Blundell as its head of corporate tax in Birmingham