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A review of the new consultation on VAT penalties for missing trader intra-community fraud.
KEY POINTS
- HMRC has published a consultation document on a new penalty for participating in VAT fraud.
- A summary of missing trader intra-community fraud.
- VAT legislation requires those dealing in goods commonly used in MTIC fraud to apply a high level of diligence.
- A new penalty is proposed for those who ‘ought to have known’ about tax fraud.
- Will these VAT proposals be extended to other taxes?
I expect that most readers have better things to do than study HMRC consultation documents – particularly if the consultation purports to be about VAT fraud. However I would urge everyone to download and comment on Penalty for Participating in VAT Fraud (tinyurl.com/hddxafn).
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