Defeat for Customs in landmark telecoms European VAT case (Bond House); HMRC facing loss of millions over belated VAT claims; May also face claims for damages.

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M2 PRESSWIRE-13 January 2006-Vantis: Defeat for Customs in landmark telecoms European VAT case (Bond House); HMRC facing loss of millions over belated VAT claims; May also face claims for damages(C)1994-2006 M2 COMMUNICATIONS LTD RDATE:12012006 London -- The European Court of Justice has today handed down its judgement in the joined cases of Bond House Systems Ltd., Optigen Ltd.

and Fulcrum Electronics Ltd. This decision has been eagerly awaited by businesses in the mobile telephone and computer industries whose VAT repayments had been withheld by Customs on the grounds that they had been caught up in what has become commonly known as "carousel" or "Missing Trader Intra-Community" VAT fraud. Such frauds are estimated to have cost the Exchequer between...