TaxCorporate TaxTaxman charges seven with VAT fraud in carbon market

Taxman charges seven with VAT fraud in carbon market

Suspects charged with conspiracy to cheat the public revenue and conspiracy to transfer criminal property representing a person's benefit

SEVEN PEOPLE have been charged with VAT fraud in the European carbon market, HM Revenue & Customs (HMRC) said yesterday.
 
All seven were charged with conspiracy to cheat the public revenue and conspiracy to transfer criminal property representing a person’s benefit, HMRC said in a statement to Reuters.
 
European tax authorities are investigating tax evasion, known as carousel fraud, relating to the sale of EU carbon permits, which they have estimated to be worth over 5 billion euros.
 
Following raids and arrests made in August 2009 and May 2010 related to suspected value added tax fraud in the European carbon market, HMRC said it had charged seven individuals, aged between 24 and 34, Reuters reported.
 
The individuals have been made to surrender their passports and travel documentation, HMRC said, according to Reuters.
 
A second hearing will take place on 1 February at Southwark Crown Court in London.

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