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The fraud occurs when the criminals sell the goods with VAT in the UK but fail to pass the VAT to HMRC. [48] The goods are often repeatedly shipped around EU countries by criminal gang networks, hence the "carousel" name. [49] According to the HMRC, between £1.1bn and £1.9bn tax revenue was lost in 2004/05 due to carousel fraud. [49]
Planet (formerly known as Fintrax and Premier Tax Free), [1] is a financial services company, specialised in multicurrency payments, credit card processing, Hospitality and Retail Software and the management of VAT refunds (Tax-Free) for tourists. Planet provide their services to overseas visitors, international retail groups, hotels and banks ...
After importing, Company A sells the goods to another trader (Company B), charging the price of the goods plus VAT, but does not pay the VAT collected to the government; Company A becomes a "missing trader". The buyer, Company B, who has paid the VAT to Company A, can then reclaim the VAT paid from the tax authorities on its VAT return.
HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective, more efficient and simpler for taxpayers. [ 2 ] The changes are expected apply to a wide range of taxpayers, including most businesses, micro-businesses, self-employed people and landlords, as well as individual taxpayers.
In India, there is a provision of refund of excess tax along with interest. For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15]
At the end of March 2009, HMRC was managing 20 million 'open' cases (where the department's systems identify discrepancies in taxpayer records or are unable to match a return to a record) which could affect around 4.5 million individuals who may have overpaid in total some £1.6 billion of tax and a further 1.5 million individuals who may have ...
0% (free zone companies, [229] as well as mainland companies with less than 375,000 AED a year in profit, [230] may need to fill out a tax return) 9% (for mainland companies with a net profit over AED 375,000 annually, taxation paid to other countries credited towards UAE taxation, tax return required) [230] 0% [231] 5% [231] 0% [232]
A tax return reports income, expenses, tax payments made during the year and other relevant information to the taxing authority. It helps to determine whether a tax refund is due. This will depend on whether a person has overpaid on taxes, or was late in paying tax for previous years. [3]