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VAT Missing Trader Intra-Community Fraud: The effect on Balance of Payments Statistics & UK National Accounts.
Data for UK trade released on 9 July 2003 includes revisions to imports and the balance of trade in goods for the period since 1999 to reflect initial adjustments for VAT Missing Trader Intra-Community (MTIC) Fraud.
Authors: David Caplan, David Ruffles, Geoff Tily, Sandra Tudor
The purpose of this article is to explain how the fraud causes the trade deficit to be understated and the impact of Missing Trader Intra-Community (MTIC) VAT Fraud on the UK economy and EU asymmetries.
A follow-up article (published Feb 2005) is available from the National Statistics website and summarises the work carried out since this review.
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