Cost Of Tax Evasion Likely Far Higher Than The £5.5 Billion Estimated By HMRC, Say MPs

The HM Revenue & Customs (HMRC) sign outside their Whitehall building highlights concerns raised by MPs about tax evasion, suggesting that the £5.5 billion estimated loss to the public purse may be just the beginning of a larger problem. The Public Accounts Committee (PAC) criticized HMRC for not being proactive enough in addressing the issue, particularly in relation to VAT registrations that are vulnerable to abuse by overseas traders. Despite HMRC’s efforts to tackle evasion, the PAC emphasized the need for stronger measures to prevent further loss of tax revenue.

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