UK acts on carbon VAT fraud fears

August 2009
Utility Week;8/7/2009, p2
Trade Publication
This article reports on the emergency legislation introduced by the British government to prevent value-added tax (VAT) fraud in carbon trading. Under the legislation, which will take effect from July 31, 2009, all supplies of carbon credits will be zero-rated when traded in Great Britain. An attempted tax fraud in the carbon emissions market was uncovered by Her Majesty's Revenue and Customs. A derogation from European Union (EU) law was sought by the British government to cover this short-term action pending agreement on an EU-wide solution.


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