Everything News Jobs Opportunities Events Products/Services
Go to Home
Sign Up Sign in

The Low Carbon Economy Ltd

01 Oct 2009 09:10:03

EC targets carbon trading fraud

EC targets carbon trading fraud
Fraud in carbon trading systems is being targeted by a new campaign from the European Commission.

The organisation has unveiled changes to the European Union's VAT system in order to help reduce the chances of carbon offsetting fraud.

As the Copenhagen climate change conference is fast approaching, the commission is keen to solve the problem as soon as possible.

In the UK, France and Holland, alterations have already been made to cut carbon trading illegalities by removing VAT and a reverse charge mechanism making VAT for carbon trading unnecessary.

Laszlo Kovacs, the European commissioner for taxation and customs, said that there should be consistent policy on the issue across the continent.

He commented: "VAT carousel fraud is against member states' finances and they should have the means to combat it efficiently.

"Very recently, several member states have been confronted with carousel fraud related to greenhouse-gas emission allowances … the very high mobility of these allowances and the very high amounts at stake are an important element."

Carbon trading fraud works in a similar way to mobile phone fraud, with credits being bought from other countries VAT-free and sold with the tax added on elsewhere.



Discussion Thread  


Related Categories

Clicking a category below will direct you to a list of related information

Skip Navigation Links.

The Low Carbon Economy Ltd Community

Related Items From Everyone

  1. The United States Solar Green House Industry 2016 Market Research Report is a professional and...

    16 Feb 2016
  2. “Environmental Preservation and Protection to Biodiversity in Benefit of Current and Future...

  3. Designers of Low-Amp Hydrogen-on-demand systems for Auto/Marine...

  4. Scottish Power Renewables' Whitelee Windfarm, the largest onshore wind power project in Europe,...

    21 May 2009
  5. InterCall Announces Partnership with Climate Action to Promote Green Benefits of Conferencing

    21 Jan 2009

Go To Home

Resource Links

We're social: View Available Feeds Find out more! Leave us your feedback


We appreciate all feedback. Please leave as much or as little as you like about any aspect of this website.

If your message requires a response, please leave your email address.