Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun The
theft ofvalue-added tax from agovernment by exploiting the way VAT is treated withinmultijurisdictional trading where the movement of goods between jurisdictions is VAT-free.
Etymologies
Sorry, no etymologies found.
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Examples
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In a sequence of trades known as carousel fraud, he moved goods between different companies, creating false export and import records that he used to claim back large sums from the tax authorities.
Court orders seizure of counterfeit underwear seller’s £90m assets Phillip Inman 2025
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