‘Carousel’ VAT fraud across the European Union has spiralled to €50bn (£35bn)
with the UK set to lose up to £10bn in 2006, according to The
In the UK this equates to 3p on the basic rate of tax and is costing
governments a total amount more than they spend on the common agricultural
policy each year.
‘This is now the number-one tax fraud. We are losing billions of euros,’ said
the EU tax commissioner, Laszlo Kovacs.
Carousel fraud involves compact, high-value goods such as computer chips and
mobile phones being shipped into an EU country free of VAT.
The tax is added when the goods are sold but is not handed over to the
It attracts organised criminals and terrorist groups because of the huge
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