Measure targets scrap metal trade
PUBLISHED : 18 Jul 2023 at 06:36
The Revenue Department is planning to launch a value-added tax (VAT) reverse charge scheme in the scrap metal industry to reduce the risk of refund fraud by January 2024, says director-general Lavaron Sangsnit.
He said more than half of the fake VAT invoices were issued by scrap metal businesses to be used as evidence for tax refunds from the department and are deemed to be highly unacceptable.
As a result, the department is imposing stricter measures for the inspection of tax refunds, which would cover all businesses.
Mr Lavaron said many countries, particularly Organisation for Economic Co-operation and Development…
