Stopping The Carousel

Download or read book Stopping the carousel written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2007-05-25 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.