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.