TaxCorporate TaxHMRC uncovers VAT fraud in carbon trading

HMRC uncovers VAT fraud in carbon trading

First suspected case of fraud in carbon trading market being monitored by taxman

HM Revenue and Customs is investigating a case of tax fraud in the carbon
emissions trading market.

The case is a variation of carousel VAT fraud, and is thought to be the first
of its kind, according to
telegraph.co.uk

A spokesman for HMRC was unable to reveal the size of the fraud, but
confirmed the department is pressing ahead on discussions with other EU tax
administrations.

‘We are considering our options for countering any fraud that emerges in the
UK involving carbon credits and will continue to engage constructively in
EU-level anti-fraud work,’ he said.

Further Reading:

VAT
evasion on imports tackled by European Council

HMRC
praises VAT fraud strategy

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