carousel fraud


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Related to carousel fraud: MTIX

carousel fraud

n
(Commerce) the practice of importing goods from a country where they are not subject to VAT, selling them with VAT added, then deliberately not paying the VAT to the government
References in periodicals archive ?
The Office of National Statistics has said that trade in goods associated with carousel fraud fell to GBPounds 1.
Diginett and its three employees - Iftakar "Ifti" Iqbal, Zanid Munir and Ning Zhu - remain at the centre of Customs' probe into a pounds 500million worldwide carousel fraud.
BRITAIN is poised to levy special reverse charges on VAT for certain high-value electronic goods to fight carousel fraud.
The increase has been attributed to an explosion in so-called carousel fraud where criminals charge retailers VAT on imported items but do not hand the tax to Her Majesty's Revenue and Customs.
One theory is that the original target, Bilal, was allegedly involved in carousel fraud.
Days before Customs officers arrested 10 men in Wales, the West Midlands, Cheshire and Buckinghamshire over carousel fraud allegations.
But professional criminals have not confined themselves to carousel fraud, with over a third of cases coming to court carried out by professional gangs at a total value of pounds 538 million - some 91 per cent of the total value.
The most credible theory to have been put forward by sources in Glasgow and Manchester is that the original target was Javed's son Bilal, who was allegedly involved in some form of carousel fraud.
Carousel fraud involves importing, or claiming to import, goods from another EU country without paying VAT, then selling them on and pocketing the tax.
Miguel Poiares Maduro said this would "drastically shift the burden" of detecting carousel fraud from tax authorities to companies, "at the expense of legitimate trade".
Debate on VAT carousel fraud, opened by Baroness Cohen of Pimlico (Lab)
Carousel fraud happens when goods are continuously imported and exported, attracting multiple VAT rebates.