Original URL: http://www.channelregister.co.uk/2006/10/11/vat_fraud_down_again/
Carousel or missing trader fraud has fallen for the second month in a row.
Figures from the Office of National Statistics reveal that trade in goods associated with the fraud fell to £1.2bn in August compared with £1.5bn the month before.
Her Majesty's Revenue and Customs (HMRC) has made the fraud a top priority, which has seen totals fall two months in a row.
It has devoted more investigators to the scam and is getting EC law changed to alter the way VAT is paid for goods such as mobile phones and computer chips, which are most often used for the fraud.
Last month HMRC scored a major victory against a bank it claims was involved in a large percentage of carousel transactions. It claimed some 2,500 UK residents were using the First Curacao International Bank to clear carousel payments. Customs worked with Dutch authorities to shut it down.
Carousel fraud involves importing VAT-free goods from another EC country, selling them on with VAT added and then disappearing before paying HMRC the VAT. More complex fraud involves exporting, or claiming to export, goods in order to claim VAT back from the Revenue. Often the same goods are circled in and out several times. ®
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http://www.channelregister.co.uk/2007/08/13/carousel_fraud_jumps_bdo/
Carousel fraud jumps to record high (30 July 2007)
http://www.channelregister.co.uk/2007/07/30/carousel_fraud_kpmg_figures/
'Brown should rethink EU proposal on VAT' (31 May 2007)
http://www.channelregister.co.uk/2007/05/31/vat_fraud_brown/
MP's son guilty of VAT carousel fraud (24 May 2007)
http://www.channelregister.co.uk/2007/05/24/sarwar_money_laundering_carousel/
Customs arrests 10 alleged VAT-fraudsters (6 February 2007)
http://www.channelregister.co.uk/2007/02/06/hmrc_nets_ten/
Record sentence for VAT fraudster (9 January 2007)
http://www.channelregister.co.uk/2007/01/09/record_sentence_vat_fraud/
Carousel fraud costs UK £3bn (7 December 2006)
http://www.channelregister.co.uk/2006/12/07/carousel_fraud_costs/
VAT fraud claims seven more (15 November 2006)
http://www.theregister.co.uk/2006/11/15/customs_carousel_piracy/
'Carousel fraud' bank's founder held for three more months (6 November 2006)
http://www.channelregister.co.uk/2006/11/06/deuss_in_custody/
£10m VAT fraud gang jailed (30 October 2006)
http://www.channelregister.co.uk/2006/10/30/vat_frauds_get_ten_years/
'Carousel' bank's founder due in court (23 October 2006)
http://www.channelregister.co.uk/2006/10/23/vat_fraud_bank_trial/
Customs jumps on carousel fraudsters' favourite bank (22 September 2006)
http://www.channelregister.co.uk/2006/09/22/fraudsters_bank_found/
New VAT regime for Christmas (18 September 2006)
http://www.channelregister.co.uk/2006/09/18/vat_fraud_bulletin/
Taxman wants power to fingerprint suspects (10 August 2006)
http://www.theregister.co.uk/2006/08/10/hmrc_fingerprints/
NAO says HMRC over-sweetened IT suppliers (19 July 2006)
http://www.channelregister.co.uk/2006/07/19/nao_aspire/
Computing VAT regime will be turned on its head, says EU Commissioner (14 July 2006)
http://www.channelregister.co.uk/2006/07/14/uk_combats_vat_fraud/
VAT fraudster gets six years (19 June 2006)
http://www.channelregister.co.uk/2006/06/19/vat_man_gets_sixyears/
EC backs UK tax man on VAT fraud (1 June 2006)
http://www.channelregister.co.uk/2006/06/01/ec_reverse_vat/
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