VAT news tagged as "Carousel fraud"


EU VAT fraud ‘Big Data’ proposal

April 26th, 2016

EU Finance Ministers this weekend discussed the success of a ‘Big Data’ project which is attempting to tackle VAT fraud. The project, Transaction Network Analysis (TNA), operating in 10 EU states, seeks to identify cross-border ‘carousel fraud’, which is estimated to cost EU member states around €50billion in lost VAT revenues. TNA is based on automated …


EU to propose radical VAT fraud measure

February 25th, 2016

The European Commission is formulating a highly radical proposal to combat VAT fraud. It aims to eliminate missing trader / carousel fraud, which is estimated to cost member states over €100bn per annum. If agreed to by member states, it would require some 3 million businesses selling goods across internal EU borders to start collecting …

United Kingdom

UK telecoms VAT fraud

January 19th, 2016

The UK’s HMRC will introduce domestic VAT reverse charge measures on 1 February 2016 to combat VAT fraud in the wholesale telecoms markets. The measure, which withdraws the cash payment of VAT on B2B voice and data telecoms services, follows consultation with the industry where VAT fraud is suspected. This is the latest industry sector …

EU rejects widening of anti-fraud reverse charge

October 30th, 2015

The European Commission has rejected a request from five central European member states to grant widespread powers to introduce the domestic reverse charge to counter VAT fraud. The request had been put forward earlier this year by: Czech Republic; Austria; Hungary; Bulgaria; and Slovakia. The domestic reverse charge effectively withdraws the cash payment of VAT on …


Italian VAT fraud domestic reverse charge on retail sector

March 12th, 2015

Italy is proposing to introduce the domestic reverse charge in the large-sized retail sector in new terms included within the 2015 budget. The government is seeking to tackle large-scale fraud being perpetrated in supply chains. Whilst such a change would help reduce growing fraud in the sector, it could seriously present a major cash-flow challenge …