Monday, 22 December 2014
Last updated 3 hours ago
Dec 4 2009 | 9:31am ET
The Danish government has been forced to push an emergency law through parliament to halt VAT fraud involving carbon credits.
Similar laws were passed in the UK, France and the Netherlands this summer to stop the fraud which occurs when a carbon trader buys credits from an EU country free of VAT, then resells them, charging the buyer VAT but not actually passing it on to the tax authorities.
Denmark is ripe for this type of fraud, as registering carbon quotas for the European Emissions Trading Scheme (ETS) is easy and the VAT rate is 25%.
The Danish government says it does not know how much money it has lost to the fraud but believes it runs to the millions – if not billions – of kroner.
A spokesman for the Danish Energy and Climate Ministry, which supervises the carbon quota registry, told the Guardian newspaper that the rules for registration were being immediately tightened so anyone applying to trade carbon would face stringent checks.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.