Posted by on 7 Jan 2011. Filed under Business, Top news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Miklos targets VAT frauds with new mechanisms

photo (c) The Daily

The determined efforts of the government to rake in as much cash as it can have now turned to VAT frauds, and finance minister Ivan Miklos feels he has come up with a plan on how to cut the outage that these frauds are causing.

Miklos has submitted a blueprint of his plan for interdepartmental review, saying the mechanisms in place for dealing with tax fraud are totally inadequate, especially when it comes to VAT.

The plan was drawn up at the Ministry as it felt a whole new set of measures was necessary to deal with the substantial outage caused by VAT and other tax frauds and arrears. The measures cover the whole chain of tax procedures from the pre-registration process through to tools for enforcing arrears.

They also include a new system of tax auditing, which will pinpoint potential dubious, with the Ministry hoping to extend VAT registration forms to include various personal data that might indicate higher risk, such as age, ethnicity and employee particulars, among other things.

The Ministry is also considering imposing the obligation of VAT security deposits as a way of safeguarding against the inability to recover taxes. Minister Miklos says the measures will not mean additional bureaucracy for businesses that abide by the law.

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