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Customs clamps down on VAT fraud.

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Vincent
PositionNews Round-Up - Brief Article

HM Customs & Excise is beginning to win its battle against the scourge of "missing trader fraud" (MTF), a report from the National Audit Office has revealed. Billions of pounds in revenue are lost each year to fraudsters who fail to declare VAT due on goods they buy tax-free from other EU nations and sell on to UK customers.

Customs launched a strategy to tackle the problem three years ago, and this stabilised the previously rapid increase in losses to between 1.77 billion [pounds sterling] and 2.75 billion [pounds sterling] in 2001-02. But, according to the report, overall losses fell for the first time in 2003. Last year they were estimated at between 1.65 billion [pounds sterling] and 2.64 billion [pounds sterling].

The crackdown was highlighted in 2003 when a series of VAT trials resulted in nine convictions and record confiscation orders totalling 7.1 million [pounds sterling]. A joint Customs and National Crime...

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