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Author: Richard Thompson Ainsworth
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
On Thursday, March 29, 2007 the European Commission, Directorate-General for Taxation and Customs Union, will host a one-day Conference on Fiscal Fraud - Tackling VAT Fraud: Possible Ways Forward. The conference is based on the Communication of May 31, 2006 explaining the need to develop a coordinated strategy to improve the fight against fiscal fraud. This paper indicates that the EU examination of carousel fraud points the way forward for advocates of a US VAT as well. About 40% of EU VAT fraud appears to be 'missing trader intra-community' (MTIC) or carousel fraud. The best estimates of EU losses to carousel fraud are put at 23 billion euros annually. UK studies put domestic losses from carousel fraud at 2.98 to 4.47 billion euros.Fraud concerns understandably resonate deeply among American advocates of a federal level VAT in the US. It needs to be taken into consideration that inserting a national credit-invoice VAT into the US fiscal fabric would be to set out the welcome mat for an American carousel fraud, as well as the more traditional VAT frauds. The vulnerability of a US VAT to carousel fraud is a direct result of the American tendency for national, state and local tax systems to 'piggy backing' on one another is taken into account.
Author: Richard Thompson Ainsworth
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
On Thursday, March 29, 2007 the European Commission, Directorate-General for Taxation and Customs Union, will host a one-day Conference on Fiscal Fraud - Tackling VAT Fraud: Possible Ways Forward. The conference is based on the Communication of May 31, 2006 explaining the need to develop a coordinated strategy to improve the fight against fiscal fraud. This paper indicates that the EU examination of carousel fraud points the way forward for advocates of a US VAT as well. About 40% of EU VAT fraud appears to be 'missing trader intra-community' (MTIC) or carousel fraud. The best estimates of EU losses to carousel fraud are put at 23 billion euros annually. UK studies put domestic losses from carousel fraud at 2.98 to 4.47 billion euros.Fraud concerns understandably resonate deeply among American advocates of a federal level VAT in the US. It needs to be taken into consideration that inserting a national credit-invoice VAT into the US fiscal fabric would be to set out the welcome mat for an American carousel fraud, as well as the more traditional VAT frauds. The vulnerability of a US VAT to carousel fraud is a direct result of the American tendency for national, state and local tax systems to 'piggy backing' on one another is taken into account.
Author: Great Britain: Parliament: House of Lords: European Union Committee
Publisher: The Stationery Office
ISBN: 9780104010686
Category : Law
Languages : en
Pages : 182
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Book Description
Missing Trader Intra-Community Fraud (also known as carousel fraud), where goods are repeatedly exported and imported with the EU, has caused a considerable loss of revenue In 2005/6 it is estimated the UK lost between £3-4.5 billion. This report looks both at some of the measure that have been taken to recoup some of this money and measures to stop fraud occurring. In addition it considers whether the Government's policies have imposed an unreasonable burden upon legitimate businesses within affected sectors. It concludes that not only are existing measures unsustainable, steps need to be taken to ensure innocent traders are not damaged. The government needs to work with Member States to implement a system of taxation of intra-Community transactions that will be less vulnerable to major fraud.
Author:
Publisher:
ISBN: 9789287238276
Category : Fraud
Languages : en
Pages : 54
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Book Description
Author: Michael Keen
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Like any tax, the VAT is vulnerable to evasion and fraud. But its credit and refund mechanism does offer unique opportunities for abuse, and this has recently become an urgent concern in the European Union (EU). This paper describes the main forms of noncompliance distinctive to a VAT, considers how they can be addressed, and assesses evidence on their extent in high-income countries. While the practical significance of current difficulties in the EU should not be over-stated, administrative measures alone may prove insufficient to deal with them, and a fundamental redesign of the VAT treatment of intra-community trade required. The current difficulties in the EU largely reflect circumstances that would not apply in the United States.
Author: Brigitte Unger
Publisher: Edward Elgar Publishing
ISBN: 0857934007
Category : Business & Economics
Languages : en
Pages : 519
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Book Description
Although the practice of disguising the illicit origins of money dates back thousands of years, the concept of money laundering as a multidisciplinary topic with social, economic, political and regulatory implications has only gained prominence since the 1980s. This groundbreaking volume offers original, state-of-the-art research on the current money laundering debate and provides insightful predictions and recommendations for future developments in the field. The contributors to this volume academics, practitioners and government representatives from around the world offer a number of unique perspectives on different aspects of money laundering. Topics discussed include the history of money laundering, the scale of the problem, the different types of money laundering, the cost to the private sector, and the effectiveness of anti-money laundering policies and legislation. The book concludes with a detailed and insightful synthesis of the problem and recommendations for additional steps to be taken in the future. Students, professors and practitioners working in economics, banking, finance and law will find this volume a comprehensive and invaluable resource.
Author: Alberto Daniel Barreix
Publisher: Inter-American Development Bank
ISBN:
Category : Business & Economics
Languages : en
Pages : 75
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Book Description
The electronic invoicing (EI) of taxes is one of Latin America’s contributions to international taxation in support of the fight against evasion, global efforts towards tax transparency, and the digitization of tax administrations (TAs). Initially, EI was conceived as an instrument of documentary control over the invoicing process, so as to avert both the omission of sales and the inclusion of false purchases. The original idea was extended to other areas of tax control, such as payroll, goods in transit, and new services such as factoring. To some extent, EI can be regarded as the start of the process of digitizing the TAs in the broad sense. This publication addresses the pioneering experience of EI in Latin America, from its implementation to its extensions and impact on tax collection.
Author: David Craig
Publisher: Random House
ISBN: 1409061353
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
In this EU referendum year, it's time for people across Europe to look at what really goes on in Brussels in our name. It has been estimated that the EU costs us around £1,000 billion a year - an incredible £2000 for every man, woman and child in Europe. So what do we get for our money? Politicians and administrators selflessly working to bring us efficient government? Well-targeted regulations that promote economic prosperity? A safe and free society? A well-protected environment? Help for people in poorer countries? Or is our money being squandered by a self-serving euro-elite of unaccountable politicians and incompetent bureaucrats, or else devoured in a feeding frenzy of fraud and corruption where a few lucky insiders become unimaginably rich at our expense? And is the tsunami of regulation pouring out of Brussels in reality strangling industry, destroying jobs, restricting personal freedom, desecrating the environment and further impoverishing the developing world? Using their extensive network of insider sources, David Craig and Matthew Elliott smash through the secrecy and disinformation that are the Brussels hallmark to reveal what our European rulers are really getting up to. The result is a horrifying story of bureaucracy, hypocrisy and kleptocracy - and how we are all suffering as a result.
Author: Marius-Cristian Frunza
Publisher: Routledge
ISBN: 1351580965
Category : Law
Languages : en
Pages : 306
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Book Description
Serving as an introduction to one of the "hottest" topics in financial crime, the Value Added Tax (VAT) fraud, this new and original book aims to analyze and decrypt the fraud and explore multi-disciplinary avenues, thereby exposing nuances and shades that remain concealed by traditional taxation oriented researches. Quantifying the impact of the fraud on the real economy underlines the structural damages propagated by this crime in the European Union. The ‘fruadsters’ benefit when policy changes are inflicted in an economic space without a fully fledged legal framework. Geopolitical events like the creation of the Eurasian Union and 'Brexit' are analyzed from the perspective of the VAT fraud, thereby underlining the foreseeable risks of such historical turnarounds. In addition, this book also provides a unique collection of case studies that depict the main characteristics of VAT fraud. Introduction to VAT Fraud will be of interest to students at an advanced level, academics and reflective practitioners. It addresses the topics with regards to banking and finance law, international law, criminal law, taxation, accounting, and financial crime. It will be of value to researchers, academics, professionals, and students in the fields of law, financial crime, technology, accounting and taxation.
Author: Marius-Christian Frunza
Publisher: Routledge
ISBN: 1135131406
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
The VAT Carousel Fraud has seriously undermined the financial integrity of the European Union Emissions Trading Scheme (EU ETS). This timely book is the first to give an overview of fraud in the carbon market. Written by a former broker, it presents unique material on the carbon fraud mechanics and analyses the missing trader fraud (VAT fraud) on European carbon allowances markets with a focus on financial and organised crime issues. Fraud and Carbon Markets: The Carbon Connection assesses the weaknesses of the Kyoto Protocol and environmental markets, using statistics as a forensic tool on the capital markets. It describes specific cases, the court investigations and various mechanisms. It addresses issues of money laundering and international fraud on capital markets, such as stock manipulation, by exploring the financial mechanisms of the fraud, their impact on the market behaviour and the consequences on their econometric features. Researchers and students in climate change policy, environmental finance, financial law, organised crime, forensic statistics, financial regulation and risk management as well as financial regulators and policy makers will find this book of great interest.
Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215018847
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Traders may not pay the correct amount of Value Added Tax (VAT) for a number of reasons including error, deliberately understating their VAT liabilities or through systematic attacks on the VAT system, with an estimated £11.9 billion lost in VAT in 2002-03. Following on from the NAO's report (HCP 357, session 2003-04; ISBN 0102927375), the Committee's report examines the scale of losses; ways of preventing and detecting fraud and other non-compliance; and methods of investigating and dealing with fraudsters. Findings include: there is scope for greater data sharing with the Inland Revenue to detect traders who are evading VAT by operating in the shadow economy (likely to be improved with the creation of the new revenue department); data sharing with other member states is particularly important in tackling missing trader fraud; more investigations and prosecutions for all types of VAT fraud would be cost effective; and Customs should make greater use of sanctions against under-declarations by accountants, lawyers and tax advisers, whilst working with the business community and professional bodies concerned to agree criteria for reporting and the remedial action expected.
