BusinessCompany NewsBudget 06: HMRC moves to stop missing trader fraud

Budget 06: HMRC moves to stop missing trader fraud

The government is moving to change the person liable for accounting and paying the VAT on goods such as mobile phones and computer chips.

In a move that has long been expected, the Treasury announced today that the
buyer of electronic goods, and not the seller, is now responsible for accounting
and paying the VAT.

As yet there is no date for when it will come into force because the
government says it still has to agree the changes with European Union member
states.

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