TaxAdministrationLords call for radical changes to VAT system

Lords call for radical changes to VAT system

Changes need to stop carousel fraud

The
House of Lords EU Select Committee
has called for fundamental changes to the
VAT system in Europe to prevent carousel fraud.

It also said in a new report that new HM
Revenue & Customs
rules covering VAT on mobile phones were no more than
a sticking plaster.

Furthermore, the Lords said HMRC efforts to clamp down on fraud needed huge
amounts of resources and may harm some innocent traders.

Carousel
fraud
has cost the government billions of pounds in recent years and Revenue
& Customs last year doubled its team of invesigators to 1,500.

Further reading:

Legitimate businesses affected by VAT crackdown

VAT registrations up for sale to fraudsters

Carousel fraud delays VAT registrations

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