TaxAdministrationNew VAT rules to curb carousel fraud set for June

New VAT rules to curb carousel fraud set for June

Rules will make it harder for fraudsters to steal from UK taxpayers.

New rules designed to combat the spread of VAT
carousel fraud
will take effect from 1 June 2007, HM Revenue
& Customs
has revealed.

HMRC’s new ‘reverse charge’ policy will mean that only the last retailer to
sell imported goods to a shopper will charge VAT on the goods. Only mobile
phones and computer chips are affected.

Carousel fraud cost the government between £2bn and £3bn in 2005-06.

Further reading:

Managing finances: fraud fight

New national authority to fight fraud

Treasury finally secures reverse charge VAT

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