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 … British taxpayers may have lost £8.4bn to VAT fraudsters