VAT news tagged as "VAT fraud"

United Kingdom

HMRC probes VAT import fraud

August 30th, 2018

The UK’s HMRC has launched a review into non-VAT registered importers of goods into the UK. It is looking to survey the numbers of businesses bringing goods into the country without a UK VAT registration to help understand if it can reduce the estimated £1.5billion in VAT fraud. Whilst it is not obligatory to have a …


Italy withdraws VAT split payments

July 9th, 2018

Italy’s Minister for Economic Development has said that anti-VAT fraud split payments regime will be abolished for professional service transactions to government. Italian split payments involve customers paying the VAT element of invoices directly to the tax authorities. Split payments are obligatory in Italy for B2G transactions only. This reduces the opportunity for VAT fraud. Italy …


EU VAT fraud terrorism warning

July 5th, 2018

Europol has warned the European Parliament (“EP”) that a share of the estimated €60billion EU VAT fraud is going to fund terrorism in the region. Pedro Felício, head of Europol’s economic operations and property crime unit, raised warnings of the scale of the problem on 28 June. He was speaking at a joint meeting in …

United Kingdom

UK Parliament criticises slow progress on online VAT fraud

June 29th, 2018

Parliament’s Public Accounts Committee (PAC) has today highlighted ongoing weaknesses in HMRC’s fight against online retailers failing to properly declare and pay up to £1.5billion in VAT on sales on major marketplaces. Many of the fraudulent e-retailers originate from China. HMRC needs greater powers to break the stubborn levels of VAT fraud. They need the …


EU €5bn e-commerce VAT fraud spreads to Greece

April 24th, 2018

The EU is investigating the growth of Chinese e-commerce VAT fraud in Greece. The fraud is being perpetrated via Greece’s key Piraeus port, which is a hub for imports of consumer goods into south east Europe.  It is estimated by the European Commission that online VAT fraud on sales of goods to individuals is costing …