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PAC: Fraud and error tax losses ‘worryingly high’

Accountancy Age

“WORRYINGLY HIGH” amounts of tax are being lost through fraud and error, the Public Accounts Committee has concluded in its 32nd Whole Government Accounts report. Some £13.2 billion was written off in the accounts for 2011/12 as a result of losses from fraud, error, negligence claims and debt management across government. The National Fraud Authority estimates public sector fraud to be £20.6bn and HMRC estimates that the annual tax gap has risen to…

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