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Posted by kim on 04/14/07 13:42
"Gunther Gloop" <me@privacy.net> wrote in message
news:58c2c7F2fippeU1@mid.individual.net...
> "kim" <ntscuser@aol.com> wrote in message
> news:UeSdnW-IzPkET73bnZ2dnUVZ8sGvnZ2d@giganews.com...
>> I have a moral objection as a taxpayer that my taxes are being used to
>> subsidise the collection of further taxes which serve no useful purpose
>> whatsoever. Also that major importers are totally exempt from paying this
>> charge and in some cases even receive refunds of VAT payments they never
>> made in the first place!
>>
>
>
> They are? They do? Can you give details?
It's called the "Merry-go-round" and is estimated to cost the British
taxpayer 15b per year. Essentially, a company registers for VAT then
reclaims it by saying the goods have since been re-exported. Nobody actually
checks that the goods have been re-exported. In many cases the goods didn't
even exist in the first place except on paper.
http://tinyurl.com/2273hl
Even excluding criminal fraud there are many ways a company can avoid paying
VAT on imports (or anything else for that matter). The bigger a company is,
the more scope there is for avoiding payment.
(kim)
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