TechnologyAuthorities on alert for evolved VAT scams

Authorities on alert for evolved VAT scams

Tax investigators are on the look out for modified versions of carousel fraud schemes

Officials at HM Revenue &
Customs
are having to revise their tactics in the fight against
carousel fraud as criminals find new ways to skirt the latest measures
introduced to clampdown on the fraud.

The reverse-charge mechanism, which comes into force today, will change the
way VAT is paid on goods used in
carousel
fraud
chains, such as microchips and mobile telephones.

Officials are now on the alert to see whether the fraudsters use other goods
to skirt this new regime, the
FT
reports.

HMRC is using search engines to pick out unusual trading patterns. It is
feared that criminals may now start using iPods, satelitte navigation systems,
razor blades and golf equipment.

Further reading:

VAT changes ‘will hurt carousel fraud fight’

Lords call for radical changes to VAT system

VAT registrations up for sale to fraudsters

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