EU Takes Aim At Carbon Credit Carousel Fraud

Law360, New York (September 29, 2009, 12:52 PM EDT) -- In response to a recent wave of carbon credit-related tax fraud, the European Union on Tuesday adopted a measure allowing countries to implement targeted domestic reverse-charge border mechanisms, hoping to keep schemers from diverting value-added tax revenue from countries' coffers.

European Commission officials announced that until 2014 member nations will be permitted to adopt reverse-charge mechanisms on a small segment of goods and services — specifically, greenhouse gas emission credits, mobile telephones, computer chips, perfume and certain precious metals — that would shift the burden for...
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