UK losingbillions in VAT
(BBC): The British Government has been losing out on as much as £1 in every £6 that it could be collecting in VAT revenue, according to research. The European Commission has been looking at avoidance of VAT across the EU to help it crack down on fraud. Analysis commissioned from a London consultancy found Britain had the biggest shortfall of any country. The government estimates underpayment for 2006 at nearly £13bn, while the EU research puts it at more than £18bn.
Category: Business
