UK Public Accounts Committee’s Report suggesting HMRC getting tougher on online VAT fraud
The recent report of the UK Public Accounts Committee, states that HMRC should increase their existing powers against online VAT fraud within the provisions of the Finance Act 2016 .
Briefly, HMRC needs to make a much stronger and extensive utilisation of the joint and several liability provisions in the Finance Act 2016, regarding online marketplaces; push further the introduction of split-payment method of collecting VAT provided by the Fulfilment House Due Diligence Scheme and turn into new measures for the sufficient tackling of online VAT fraud.
Lastly, an investigation of the scale and impact of online VAT fraud by March 2018, by HMRC will enable the latter to put into place an agreement, focusing on collaborative working arrangements between and online marketplaces.
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