ECONOMY - FINANCE - BUSINESS / Taxation

‘Grand Theft Europe', a media consortium, estimates annual VAT fraud carousels in EU at €50 billion

Brussels, 08/05/2019 (Agence Europe)

In order to shed light on so-called fraud 'carousels', the German non-profit Correctiv editorial team has launched the 'Grand Theft Europe' project, which brings together 35 media organisations from 28 EU Member States, Norway and Switzerland. On Tuesday 7 May, the consortium published several reports revealing that 50 billion euros are misappropriated each year by criminals who commit value-added tax (VAT) fraud. For them, it is the “scam of the century”. 

Carousel fraud is VAT fraud...