Carbon market VAT scrutiny shifts to Climex
The Dutch government will introduce a 'Reversed Charge Mechanism' in which the buyer will be charged VAT rather than the seller. It will only apply to Dutch based entities trading on Climex from 15 July, in an effort to prevent VAT 'carousel' fraud, where goods are imported VAT-free then sold on to domestic buyers at a price including VAT. The perpetrators then disappear without paying the tax to the government.
Axel Posthumus, the chief executive officer of Dutch carbon exchange Climex, says the
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