123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Carousel Fraud – A Type Of Trading Fraud

By Author: Salvatore Andrea
Total Articles: 6261

In the recent times, we have seen many frauds that have unearthed. There are various types of frauds and scams that have shaken every part of the world. Missing Trader Intra-Community fraud or mtic fraud is one among in the list of frauds. The other name of MTIC fraud is carousel fraud. To give you the definition of this fraud is – this is the fraud wherein the VAT or Value Added Tax is stolen by the organized crime gangs from the government.

In this crime the fraudsters move goods from the VAT jurisdiction area to non-VAT jurisdiction area and then they charge VAT from the consumers, which goes into their black money account since they don’t pay the VAT to the government. The name “missing trader” is given as the trader goes missing after committing the fraud. This is becoming a very common crime in the recent times.

As mentioned earlier, the other name of MTIC fraud is carousel fraud. The carousal fraud is even more complex than MTIC fraud. In this fraud, the goods and VAT amount are being passed on between the companies as well as the jurisdiction. The principle of the carousal fraud is that the goods and VAT keep moving in rounds like that of carousal.

The investigation, law and the punishment for this fraud is different in different countries. To give you an insight, in the UK the crime is investigated by the HM Revenue & Customs. The prosecution and punishment is handed over by Crown Prosecution Service as well as the Crown Office and Procurator Fiscal Service. The cost of the fraud is paid by the government and it is a big loss for the country. Though government is taking measure to curb the crime, it is not 100% successful.

Total Views: 34Word Count: 298See All articles From Author

Business Articles

1. Tiles Style Guide For Your Home Interior Décor!
Author: Ruchir Jethva

2. What Are Gst’s Seven Deadly Defects?
Author: Mohit Yadev

3. The Asean (association Of Southeast Asian Nations) Automotive Composites Market Is Expected To Grow
Author: Lucintel LLC

4. The Expanding Scope And Sphere Of Artificial Intelligence
Author: Avaali Solutions

5. Best Performance Based Software Development Company
Author: itechtions.web

6. Tips To Choose A Interior Designers For Home
Author: Anny winslet

7. 5 Tips To Find A Notable Insurance Accident Repair Centre!
Author: Rob Porter

8. How Can You Set Your Mark In The World Of Construction Using Online Business Directories?
Author: John Smith

9. Buy Cheap Assignment Online
Author: doneassignmentuk

10. Vilnius Activities & Tours
Author: vilniusseo

11. An Introduction To Thermal Spray
Author: Ross Barkely

12. How To Find The Best Towbar Accessories Suppliers In Australia
Author: Charles Manfredi

13. How To Gain Good Profit On Comex Signals By Gold Crude Research
Author: Gold Crude Research

14. Uk's Largest Canopies And Walkways Supplier
Author: lockitsafeuk

15. Residential Pest Control - How You Can Prevent Insect Problems
Author: Michael Gray

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: