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单词 carousel fraud
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carousel fraud
carousel fraud n. British a fraudulent scheme to generate VAT rebates (or occasionally government grants) in which goods are imported and exported across a network of (dummy) companies.
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1989 Financial Times 10 Mar. 18/4 The ‘carousel’ fraud in Northern Ireland, which involved smuggling cattle from Northern Ireland into the Irish Republic, re-exporting them to the north, and then claiming £60-£100 a head in currency support grants.
2002 Guardian 17 Aug. i. 8/1 In more sophisticated versions called carousel fraud, the phones are imported, VAT free, and pass through the hands of a number of companies. Somewhere in the chain there will be a trader who disappears with the VAT money. Eventually, the goods are exported back out of the UK. Then they return, to go round again with a new missing trader.
2006 G. Malkani Londonstani xxv. 312 They call it VAT carousel fraud. I like to think of it as the mother of all tax dodges.
extracted from carouseln.
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