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.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states