U.K. Tax Authorities Question Banks on VAT Swindlers
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U.K. authorities are investigating possible tax fraud in the country’s 40 billion-pound ($67 billion) power trading markets, according to accounting firms TMF Group and Deloitte LLP.
The alleged fraud involves traders paying value-added-tax, or VAT, to energy sellers who are suspected of keeping the money rather than turning it over to the government. Such scams are known as missing trader fraud.