TITLE

UK acts on carbon VAT fraud fears

PUB. DATE
August 2009
SOURCE
Utility Week;8/7/2009, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
44029222

 

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