"VAT Carousel": Operation Makes 39 Detainees in Portugal and Losses of 410 Million in Europe
13 Articles
13 Articles
The European Public Prosecutor's Office's investigation covered eight countries and resulted in 62 arrests, estimated losses of more than EUR 400 million in the intra-Community area.
Portugal was the country with the most arrests in Operation Hermes, which caused losses of €410 million in VAT revenue for several Member States of the European Union.
The research, which extends to eight European countries, points to a scheme of VAT carrossels with estimated total losses of at least EUR 410 million.
Operation Hermes covers several countries and involves seizure of luxury goods and vehicles
The state may have been injured by more than EUR 150 million in VAT. See this and other news on TV RECORD's website.
The suspects, who have now been arrested, were part of a scheme of tax fraud called 'carrossel', which seeks to use the natural frailties resulting from VAT taxation when faced with intra-Community transactions in goods.
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