Translation glossary: VAT

Creator:

Agnes Kolontary

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acquisition

beszerzés

angielski > węgierski

acquisition fraud

beszerzési csalás

angielski > węgierski

‘hijacked’ VAT number

jogtalanul eltulajdonított HÉA szám

angielski > węgierski

carousel fraud

„körhinta” jellegű adókijátszás

angielski > węgierski

A company (‘B’) established in the United Kingdom, buys goods from a company (‘A’) in another Member State. No VAT is due from A in respect of the acquisition, but B is required to account for VAT in respect of its onward sales in the United Kingdom. B sells the goods, usually at a discount, to a third company (‘C’) also established in the United Kingdom, but fails to account for VAT. C is called a ‘buffer company’. It sells the goods to another company in the United Kingdom at a small profit, accounting for VAT on the sale, but reclaiming input VAT. There may be a series of further sales, but eventually the goods reach a company which sells them to a VAT registered trader in another Member State. This sale is exempt from VAT, but the seller is entitled to recover input tax and accordingly seeks to recover from the Commissioners the VAT which it paid on its purchase of the goods from the last buffer company. If such repayment is made, the Commissioners pay to this company the VAT charged on the sale by the last buffer company and yet do not receive the amount charged as VAT by B. The hallmark of a true carousel fraud is that the goods are ultimately sold back to the original seller, company A.

Commissioners

angielski > węgierski