States okay rules to combat carbon market fraud

EU finance ministers unanimously approved an amendment to the bloc's VAT rules on Wednesday, designed to combat suspected cases of "carousel" VAT fraud linked to the sale of greenhouse gas emission allowances in the EU carbon market.

Under the agreement, until July 2015 member states will be able to apply a "reverse-charge mechanism" to VAT payments on emission allowances, transferring the obligation to pay from the seller to the buyer. The cut-off date is six months later than originally proposed by the European Commission.

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