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08 Dec 2009
The European Union council has agreed upon a reverse charge mechanism aimed at putting a halt to carousel fraud in carbon permit trading markets.
Member states will be able to introduce the mechanism on an optional and temporary basis in order to stop VAT fraud. The draft directive, which runs until 30 June 20015, shifts the liability for the payment of VAT on emission allowances and services to be moved from the supplier to the customer. Normal EU rules put the liability on the supplier.
The council said it is also working to apply a similar mechanism to mobile phones and electronic circuit devices, an industry area often exploited by carousel fraudsters.
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Briefings
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