It is an evolution of VAT fraud that focused on high-value goods such as computer chips
acquired greenhouse gas emission allowances in Member State 2 from Member State 1 without any VAT charged by the business supplier in Member State 1 ,” explainsindirect tax partner Fionn Uíbh Eachach. “The greenhouse gas emission allowances were subsequently sold by Trader A to a purchaser in Member State 2, with Trader A being required to charge local VAT.
The goods can also go back to the company in Member State 1 and the supply chain can be repeated or the missing trader could have several separate entities in the supply chain prior to the sale to the third-party purchaser, and this is why such fraud schemes are referred to as “carousel fraud”,” explains Uíbh Eachach.
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