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Government action to tackle VAT fraud on carbon credits.

Publication: M2 Presswire
Publication Date: 31-JUL-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-31 July 2009-UK Government: Government action to tackle VAT fraud on carbon credits(C)1994-2009 M2 COMMUNICATIONS

RDATE:30072009

The UK Government today introduced legislation to remove VAT from supplies of emissions allowances (also known as carbon credits) traded within the UK, in order to prevent the risk of VAT fraud, Financial Secretary to the Treasury, Stephen Timms announced today.

The new law, which takes effect from midnight tonight, follows evidence that commodity trading in emissions allowances is being used by fraudsters to steal VAT revenues from the UK, and that the UK may become a major target for this activity in...

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