- An entrepreneur in Italy has been charged with €41.8 million VAT fraud and misappropriation of €6.7 million in public funds
- The fraud involved intra-community VAT ‘carousel’ fraud, money laundering, bankruptcy fraud, and serious fraud against the financial interests of the EU
- The scheme used shell companies and buffer companies to evade VAT payments and caused an estimated damage of €41.8 million
- Proceeds of the tax evasion were transferred to a company in the Cayman Islands owned by the defendant
- The defendant also falsely represented the company’s economic status to receive financial support, including EU funding for companies affected by the Covid-19 pandemic.
Source: eppo.europa.eu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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