Friday, Jul 14, 2006

VAT Fraud

BBC News: VAT fraud 'reaches record levels'

VAT fraud in the UK has reached record levels, HM Revenue and Customs statistics are expected to show.

Criminal activity may have accounted for 6.5bn worth of UK trade in the last quarter alone, says an investigation by the BBC's Panorama.

Officials say that fraudsters import goods from Europe tax free, sell them with VAT, then disappear without passing the tax on to the government.

Posted by jason @ 07:54 AM (2935 views)
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1. inbreda said...

How can the government know whether we import more than we export with this level of activity going on?

They massage the figures, and now it turns out that the figures are probably not representative of reality to start with.

Doesn't bode well.

Friday, July 14, 2006 09:05AM Report Comment
 

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