Article by Maric Glaser, senior manager, PricewaterhouseCoopers Knowledge and Innovation Team and Chairman, CIOT Indirect Taxes Sub-Committee. This article appeared in the February 2005 issue of Tax Adviser. Taxation has become an almost entirely self-assessed tax with taxpayers being made responsible for declaring the value of any tax base, calculating the tax due and remitting the revenue to the appropriate tax authority.
With increasing pressures on the headcounts of tax authorities, they have looked for further ways of protecting what they perceive to be the tax due. The 2003 Budget saw the introduction of anti-fraud measures aimed at reducing VAT carousel fraud while the 2004 Budget saw the introduction of a new scheme requiring taxpayers to disclose arrangements that are perceived by the tax authorities as reducing the correct tax take.
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