MTIC VAT Fraud Law Solicitors 

MTIC VAT Fraud Law Solicitors – One of the most common type of VAT fraud is MTIC i.e. Missing Trader Intra-Community Fraud, in which fraudulent person or businesses may buy high-quality product which is not bulk in quantity in the EU having large pending VAT on it or may use the legal jurisdictions having free movement of specific goods within the certain limits of the particular country or region VAT free. These types of products mainly involve high-end mobile phones, electronic computer chipsets. But nowadays they target other sectors also to counter their illicit means of trade in a non-electronic market also such as food and sanitary.

VAT Fraud in EU

According to the figures released in September 2006 Eurocanet, a project of European Commission revealed that the United Kingdon is the main victim of VAT Fraud in the EU. The UK lost at least € 12.6 billion during 2005-06 followed by Spain and Italy. Most of the cases filed in the Courts are about the allegation of VAT related frauds within the jurisdiction of the United Kingdom and nearby places. These types of frauds are not only serious by the way they have been operationalized by some notorious gangs and mafia.

Operation of the UK Authority

A business that buys or sells goods charges VAT to those who buy goods from them (output tax). It can reclaim subject to various rules prevailing, the VAT it pays and passes it to the government the net VAT it collects (output tax less input tax). In this way, the business acts as a collector on behalf of the government.

But due to some leniency is given by the government of some countries upon the movement of goods within the specified boundaries or outside the country i.e. export free trade where the fraudster seller of the goods charges a buyer price of goods along with the VAT amount but he doesn’t pass on the VAT to the government. In this way, the seller becomes a “missing trader”.

Who can You contact for advice? | MB Law Ltd Solicitors can help You Regarding This

MB Law Ltd Solicitors can help you throughout the MTIC Carousel Fraud-VAT Fraud, advising on all aspects of cross borders or country VAT frauds. We as a solicitor firm not only take your case best foot forward but assures you in each and every aspect of your case sensitivity if arising out of any circumstances. We provide you with our experienced MTIC VAT fraud law Solicitors in all parts of London namely Hounslow, Uxbridge, Ealing,  Kingston, Sutton, Harrow, Wood Green, Leyton, West End, Knights, Bridge, Croydon, Bromley, Greenwich,  Poplar, Ilford, Romford, Redbridge, Westminster, Brent, Islington, Havering, Barnet, Enfield, Wandsworth, Southwark, Barking and Dagenham, Bexley, Newham, Lewisham, Camden, Barnet, Havering, Merton, Hammersmith and Fulham, Hillingdon, etc.