France to combat value-added tax fraud in carbon trading.

17/11/2010 11:21 Renewable

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A French newspaper announced that their country is going to take measures against the new value-added tax (VAT) fraud in carbon trading and in order to exclude it they will present several measures in a short period of time.

France is now willing to apply a reverse VAT charges for carbon trading, which will transfer the tax pay responsibility from the seller to the buyer, according to Les Echos, a financial daily. Great Britain has already applied this measure on November 1. France will propose this measure at the first cabinet meeting, after President Nicolas Sarkozy restructured his government over the weekend. European prosecutors still investigates a 5 billion Euros tax invasion in carbon trading called "carousel" fraud, also met in at least 11 countries, under the EU emissions trading scheme. This "carousel” fraud, means that a trader imports goods VAT-free from other countries, then sells the goods to domestic buyers, charging them VAT, and then disappears without paying the collected.

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