Tax News on 3rd May reported that HMRC, in a first update since August 2006, has redrafted its VAT guidance on the due diligence businesses must undertake to ensure they do not engage in transactions with fraudsters.  The guidance was initially released following the ECJ ruling in joined cases Optigen Ltd, Fulcrum Electronics Ltd, and Bond House Systems Ltd released in 2006.  The revised guidance sets out the checks that should be undertaken by businesses to identify potential fraud, also includes information on the new offence of “Corporate Failure to Prevent the Criminal Facilitation of Tax Evasion,” which entered into force on September 30th last year.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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