BusinessCompany NewsVAT fraud across Europe hits £67bn

VAT fraud across Europe hits £67bn

The total value of VAT fraud perpetrated across the European Union is estimated at between €80bn and €100bn - equal to the entire VAT collected by France.

Link: Carousel prompts insolvencies

A report by the European Federation of Accountants (FEE), with the backing of the European Commission, found that a tenth of all VAT is not being collected by Brussels, The Independent reported.

Recently the EC said such were the levels of VAT fraud that legitimate trade was being jeopardised and competition distorted.

Some say the FEE estimate may be lower than the actual number as detection rates are not known.

Among the worst scams is carousel fraud (also called missing-trader fraud) where fraudsters form a ring of companies and make dishonest claims for VAT refunds before vanishing.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor