GOVERNMENTS STRUGGLE TO CONTAIN CAROUSEL FRAUD
October 2nd, 2006
BY KEITH NUTHALL
THE EUROPEAN Union's (EU) VAT laws can be mightily complex, and offer plenty of opportunities for fraudsters revelling in regulations lacking in clarity and simplicity. Add high technology to the mix and carousel fraud was born. It's a problem that has sparked tough police action and regulatory reform. Keith Nuthall reports.
BRITAIN has become notorious as a centre for carousel fraud, the sophisticated scam that exploits EU VAT laws to allow a supplier to drop out from the sales tax paper chain, while forcing governments to cough up for VAT ...
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