Keith Hobson and Chris Chipperton of Ernst & Young discuss Customs' approach to carousel fraud
There is no doubt that carousel fraud is a serious issue. Customs' recent estimate is that they are losing between £2.5 and £3 billion of VAT per year to this fraud which involves the misuse of the EU VAT accounting rules on the movement of hi-tech goods such as mobile phones and current computer components. The Treasury has requested that Customs take urgent steps to stem the level of tax loss to the Exchequer.
What is a carousel fraud?
The fraud itself is relatively simple and is usually perpetrated by organised criminal gangs. However Customs have found that it is...
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Keith Hobson and Chris Chipperton of Ernst & Young discuss Customs' approach to carousel fraud
There is no doubt that carousel fraud is a serious issue. Customs' recent estimate is that they are losing between £2.5 and £3 billion of VAT per year to this fraud which involves the misuse of the EU VAT accounting rules on the movement of hi-tech goods such as mobile phones and current computer components. The Treasury has requested that Customs take urgent steps to stem the level of tax loss to the Exchequer.
What is a carousel fraud?
The fraud itself is relatively simple and is usually perpetrated by organised criminal gangs. However Customs have found that it is...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
