Missing trader fraud

Electronic transactions and the measures that began to be implemented in 2022 have led to the reduction of value-added tax losses, the so-called gap (from the theoretically expected revenue under full compliance), according to data published by the European Commission.

Some of the 267 stars of “Carousel” arrested by Vourliotis for damaging the EU and the Greek State with 514,711,348 euros from cross-border fraud have appealed to the CoE.

What the executives of “Carousel”

Battle with “carousel”-type criminal organizations, which have been coming to light one after the other lately, is being fought by the Ministry of Finance and the relevant auditing authorities, as it’s estimated that the state loses up to 2 billion euros annually due to fake invoices and fraudulent transactions, leading the Treasury to pay VAT – instead of collecting it – to these fraudsters.<

Αuthorities are investigating a €35 million "missing trader fraud" case involving a Thessaloniki businessman, a bank executive and a police officer.

The probe, led by the Anti-Money Laundering Authority, centers on a network of "phantom companies" in Greece and Bulgaria used to evade VAT payments through fake transactions.

A mammoth criminal case for cross-border fraud with a loss of revenue for the Greek state of more than €10 million, has been brought before the Greek authorities.

Greek police have dismantled a criminal organization involved in a sophisticated "carousel fraud" scheme, which involved setting up fake companies to carry out fraudulent transactions and expenses totaling tens of millions of euros.

Electronic payments and monitoring methods have boosted the collection of value-added tax (VAT), Finance Minister Kostis Hatzidakis said Tuesday.

Hatzidakis said in an interview to Skai Radio that VAT revenue rose 10.3% in the first half of 2024 compared to the same period last year.

Ljubljana – Slovenia exported goods in the value of EUR 3.5 billion in July, or 17.3% more than in the same month last year, while imports, also totalling EUR 3.5 billion, were up by 26%. The imports-to-exports coverage was 98.9%, as a EUR 40 million trade deficit was recorded in July, the Statistics Office reported on Thursday.

Ljubljana, 9 August – Slovenia exported EUR 3.3 billion in goods in June, which is 21% more year-on-year, while imports were up by 30.6% to EUR 3.4 billion, the Statistics Office reported on Monday.

In June, a deficit in trade was recorded for a third month in a row, standing at EUR 100 million, with exports covering imports at a rate of 97.5%.

At their last meeting under the Bulgarian Presidency of the Council, EU finance ministers finalised the work on three dossiers in the area of Value Added Tax (VAT), thus moving towards a more efficient VAT system at EU level.