The new VAT gap suggests UK GDP may be understated by up to 10% and tax evasion has to exceed £70 billion

The time series of the VAT gap shows two peaks in 2005-06 and 2008-09. The peak in the VAT gap in 2005-06 is attributable to an increase in MTIC [Missing Trader] fraud. The peak in the VAT gap in 2008-09 is attributable to an increase in debt due to the impact of the recession.

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Via Tax Research UK » The new VAT gap suggests UK GDP may be understated by up to 10% and tax evasion has to exceed £70 billion.

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