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    Bloomberg: German Tax Office Finds Possible Tax Fraud in Energy Markets (3)

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Summary

German Federal Central Tax Office has found signs of possible fraud in Europe’s biggest power and natural gas market that may be similar to the value-added tax scam that roiled carbon permit markets.

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Bloomberg: German Tax Office Finds Possible Tax Fraud in Energy Markets (3)

The German Federal Central Tax Office has found signs of possible fraud in Europe’s biggest power and natural gas market that may be similar to the value-added tax scam that roiled carbon permit markets.

Tax authorities warned market participants of the cases and the risks of engaging in illegal trading activities, in a document dated May 2013 and posted on the website of NetConnect Germany GmbH, the German gas market area manager. Bundesnetzagentur, Germany’s grid regulator, also posted a warning on its website.

VAT fraud in the European carbon market involved chains of bogus import companies set up to reclaim taxes that had never been paid. A Frankfurt court in 2011 convicted six men for evading a total of 260 million euros ($335 million) in taxes on carbon emission trades using the same tactics.  MORE

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