VAT news tagged as "VAT fraud"

Europe

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 …


China

China VAT lotto takes on rampant fraud

April 12th, 2018

China’s Shanghai trials with a weekly anti-tax fraud cash prize draw for VAT invoices has been declared a success. Since the start of 2018, Shoppers can upload barcodes on their VAT invoices to a phone app for a potential immediate €12.50 (equivalent)  prize. Their invoices are also entered into a weekly draw with a top …


Europe

EU blockchain to solve VAT fraud?

April 11th, 2018

This blog first appeared in International Tax Review Should we ignore the bitcoin speculative bubble and hacking scare stories as the fireflies before the technological storm? Could blockchain solve the EU’s €50billion VAT fraud menace, and revolutionise tax reporting? Or is blockchain’s hype overblown and optimism misplaced? Are the considerable concerns about its electricity-guzzling dependency and …


United Kingdom

UK HMRC Seller VAT fraud eBay and Amazon deal

April 6th, 2018

The UK’s HMRC is to publish in April an agreement it has made with major online marketplaces, including Amazon and eBay, to combat VAT fraud on their websites by sellers. The agreement was committed to following a December 2017 recommendation by the Parliamentary Public Accounts Committee, PAC. Any marketplace failing to meet the requirements of …


Europe

EU VAT fraud reverse charge evaluation

March 9th, 2018

The European Commission has published this week an impact study of the effectiveness of the anti-VAT fraud domestic reverse charge mechanism. The EU VAT Directive’s Article 199a permits the emergency imposition of the reverse charge (zero-rated VAT) on domestic VAT transactions of certain, high fraud risk goods and services. This was introduced to fight missing trader …


Europe

EU questions VAT Split Payment benefit

January 17th, 2018

A European Commission study into the benefits of Split Payments as a VAT collection tool, aimed at combating VAT fraud, has cast doubt on the cost / benefits.  The report concludes that the administrative and technology costs of running, tracking and reporting on such a scheme would outweigh any additional VAT recouped. The study reviewed …