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9am Lowdown: HMRC must keep track of tax reliefs, says NAO

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21st Nov 2014
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Three cheers for Friday! And five reads for you this morning. Enjoy.

HMRC must keep track of tax reliefs, says NAO

The Revenue and the Treasury do not keep track of tax reliefs intended to encourage particular behaviour to meet social or economic policy objectives, the National Audit Office (NAO) has found. See more on our AccountingWEB coverage. 

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Haulage directors sentenced for VAT fraud

Two haulage company directors who stole nearly £105,000 by faking vehicle purchases to claim VAT repayments have been sentenced after an HMRC investigation, the Revenue reported.

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JJB Sports boss in £1m fraud

The BBC said that the former chief executive of JJB Sports Christopher Ronnie has been convicted of accepting more than £1m in backhanders.

He denied fraud but was found guilty of taking six-figure payments from three suppliers while in charge of the sportswear firm in 2007 and 2008 at Southwark Crown Court. The court heart how he did not disclose the payments to the board.

The company was dissolved with almost £150m of debts in November.

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Macedonia and Kiribati have better tax systems than the UK

Could it be true?

According to the World Bank and PwC's annual benchmark of business tax systems, it is.

The Telegraph said the report showed that the triple burden of red tape, compliance costs and the slow pace of tax reform is hampering efforts to transform Britain into the most competitive country in the G20.

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Italy accuses Brussels of 'shaky' accounting

In keeping with an international theme, the FT reports Italy has accused the EU of using “shaky” methodology to evaluate countries’ fiscal policies, raising the stakes ahead of next week’s first verdict on the budgets of eurozone member states by the new European Commission. 

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