(BN) Italian Police Investigate Suspected Tax Fraud in Carbon Market


Italian Police Investigate Suspected Tax Fraud in Carbon Market
2010-12-17 09:44:12.299 GMT

By Alessandra Migliaccio
Dec. 17 (Bloomberg) -- Italy's financial police are
investigating companies in nine of the country's 20 regions for
suspected tax fraud related to fake sales of carbon credits.
Sham transactions may reach "several hundred million
euros," the financial police said today in an e-mailed
statement. Possible charges include fraud, emission of fake
receipts and money laundering, the statement said.
The European Union has been clamping down on value-added
tax fraud in carbon markets after reports that sellers of
carbon-dioxide permits pocketed VAT collected from buyers and
disappeared before submitting the money to the treasury.

For Related News and Information:
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--Editors: Todd White, Randall Hackley

To contact the reporters on this story:
Alessandra Migliaccio in Rome at +39-06-4520-6320 or
Andrew Davis in Rome at +39-06-4520-6324 or

To contact the editor responsible for this story:
Will Kennedy at +44-20-7073-3603 or