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Fraudulent traders used loopholes in the EU's emission trading system to make up to €5 billion (Photo: SWIFT)

EU carbon credit system still 'at risk of VAT fraud'

A loophole allowing carbon-credit tax fraud resulting in losses of several billion euros has not been fully closed, the European Court of Auditors said in a report published Thursday (2 July).

The EU's Emissions Trading Scheme market, put in place to reduce carbon emissions, “remains at risk to VAT fraud”, the auditors said in a special report titled The integrity and implementation of the EU ETS.

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Fraudulent traders used loopholes in the EU's emission trading system to make up to €5 billion (Photo: SWIFT)

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