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MTIC Fraud

Kris Romanski Head of VAT Fraud Policy Team HMRC writes on the implementation of the reverse charge for supplies of mobile phones and computer chips which will be introduced on 1 June 2007
On 16 April the EU Council of Ministers gave formal approval for the UK's derogation to introduce a new VAT accounting system (the reverse charge) for supplies of mobile phones and computer chips the goods most commonly used to perpetrate Missing Trader Intra-Community (MTIC) fraud. When political agreement had been reached on 19 March the Government had announced that the reverse charge would be introduced for those goods on 1 June. So why are we introducing the reverse charge and how will it work?
MTIC fraud

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