British taxpayers may have lost £8.4bn to VAT fraudsters

BBC Panorama reports on a European investigation which suggests that a VAT (sales tax) scam may have cost the UK up to £8.4 billion (£8,400,000,000).

The theft comes from so-called ‘carousel fraud’, where crooks repeatedly import and export high value goods such as mobile phones, failing to pay VAT but then claiming it back from the government.

If this figure is true, it amounts to £140 for every person in Britain.

 

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