7 December 2018
According to figures released by HMRC, an estimated £13.3 billion in UK VAT revenue was lost due to non-compliance or non-collection during the year 2017/18. When compared with the same figures from 2016/17 this shows an increase of £1.3 billion.
The main factors contributing to were insolvencies, bankruptcies, fraud, administrative errors and legal tax optimisation.
LATEST NEWS
EU confirms €3 customs duty and VAT treatment for...
From 1 July 2026, the EU will remove the current customs duty exemption for goods valued at €150 or less. Instead, a temporary €3 customs duty per item...
SEE MORE
LATEST NEWS
EU council struggles to agree on the removal of the...
The EU is struggling to finalise changes to its Import One Stop Shop (IOSS) system as part of the 2028 Customs Reforms, with member states divided over plans...
SEE MORE
LATEST NEWS
Austria proposes a €2 customs charge on a per parcel...
Austria is proposing to impose a €2 charge on e-commerce low-value imports (under €150) entering Austria from outside the European Union from October...
SEE MORE