Losses from carousel fraud could be as high as £7bn a year, according to new
estimates of the problem.
A report by the civil servants union the Public and Commercial Services’
Union, covered in The Observer this weekend, suggests there is widespread
concern in Whitehall about the issue.
The fraudulent activity, which involves charging for and then pocketing VAT
on high tech portable goods within the EU, has risen by 500% over the last
twelve months, the paper says.
The Treasury has reportedly doubled the number of staff tackling the problem,
the paper reports, and adds that Sir David Varney the head of HMRC has been
encountering management problems amidst plummeting morale at the tax body.
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