Carbon VAT fraud concerns spread
Concerns of VAT 'carousel' fraud in France's carbon market have spread to the Netherlands and UK.
VAT carousel fraud occurs when goods are imported VAT-free and then sold on to domestic buyers at a price that includes VAT. The perpetrators then disappear without paying the tax to the government.
A spike in volumes on France's BlueNext exchange led to rumours of carousel fraud, and trading was suspended for two days in June as the French government made carbon permits VAT exempt.
A 49% spike in
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