Tax Rebates & Refunds

UK faces losses up to £15 billion each year due to tax frauds

February 1, 2011
Posted in Fraud — Written by Geoffrey

According to reports published recently, it has been revealed that the United Kingdom faces losses up to £15 billion each year. According to the reports filed by The National Fraud Authority, the public sector is considerably affected by tax frauds.

The National Fraud Authority also revealed the breakdown for the £15 billion, which includes losses resulting from the hidden economy to be at £3 billion and for public sector fraud around £1.5 billion. It also involves tax evasion of £7 billion and criminal attacks at £5 billion.

In total, the UK is said to be facing losses of up to a staggering £40 billion a year due to different types of fraud. The public sector is said to be the largest contributor to the losses with over 58% of the total figure. When it comes to public sector fraud, tax fraud is the UK’s largest loss generating sector.

This news comes despite the fact it was announced fraud prevention measures brought down the losses made by cases of fraud by about 6% in the previous financial year.

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