Missing trader intra-Community (MTIC) fraud is said to cost revenue authorities around €60bn annually in tax losses. In addition to EU steps to combat MTIC fraud, the current UK Finance Bill imposes fixed penalties for entities entering into a transaction connected with the fraudulent evasion of VAT who knew or ought to have known of the connection.
90a1d87b-c1b5-43c3-a720-cd324830adee.tmb-editorspic.jpg?sfvrsn=1b2d0a7e_1)
