Liberal Democrats in Business

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Trade statistics distorted by carousel fraud - Cable

7.17.00pm BST (GMT +0100) Fri 14th Jul 2006

Liberal Democrat Shadow Chancellor, Vince Cable MP

Commenting on today's publication of the Monthly Review of External Trade Statistics for May 2006 and reports of high levels of 'carousel' VAT fraud, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"These huge levels of fraud are undermining and distorting trade statistics and must be urgently tackled.

"The scale of carousel fraud is of staggering proportions with estimates in the region of £10bn, or 3p in the pound of income tax.

"It is abundantly clear that this problem cannot be solved at a national level. The practice is common throughout Europe and is booming.

"The way forward is to have a Europe-wide solution based on common taxation principles, while still allowing countries to maintain variations in national rates."

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