GB: HMRC annual report 2007

Annual departmental report (84 pages, PDF) of HM Revenue & Customs.

The report attributes the increase in the VAT gap in 2005/2006 to an increase in MTIC fraud, and gives details of HMRC's actions on MTIC fraud, including extended verification for VAT repayments and the introduction of domestic reverse charging on some electronic items from 1 June 2007.

On tobacco, the report notes the increase in seizures of counterfeit tobacco products. It also outlines legislation to give statutory backing to the memorandum of understanding with tobacco companies on controlling the supply chain to restrict smuggling of genuine products.

For further information or advice please contact Franck Latrémolière.

Filed under HMRC, Tax fraud, VAT.

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