BIR CONF: Lack of reverse-charge VAT leaves UK, Latin America exposed to fraud

Absence of a reverse-charge VAT collection system makes scrap traders in places like the UK, Norway and Latin America exposed to VAT fraud, according to delegates at the Bureau of International Recycling (BIR) conference in Shanghai.

The reverse-charge system is designed to limit the risk of VAT fraud by making the buyer of scrap accountable for VAT, rather than the supplier. It thereby closes potential loopholes created when metals are traded in a chain to exploit differences in VAT rates in individual European Union countries. “On December 31, 2003, Spain implemented the policy,” Alvaro…

Lees verder BIR CONF: Lack of reverse-charge VAT leaves UK, Latin America exposed to fraud | Metal Bulletin.

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