EU Launches ‘Concertina’: Investigating a €19 Million VAT Fraud Scheme in Second-Hand Mobile Phone Sales

• The European Union has launched an investigation called ‘Concertina’ into a suspected €19 million VAT fraud scheme.
• The investigation is led by the European Public Prosecutor’s Office in Munich, Germany.
• The fraud scheme involves the misuse of the ‘margin taxation’ provision by companies within the EU.
• Four individuals are under scrutiny for setting up this complex system of transactions to evade VAT.
• The fraudulent activity involves companies in Bulgaria, Germany, and Slovenia.
• The scheme allowed for the sale of second-hand mobile phones at lower market prices, defrauding tax authorities.
• Illicit profits from the scheme may have been concealed in bank accounts and assets across other EU Member States.
• Europol and the Munich Tax Investigation Office have provided cooperation and support in the investigation.
• The focus of the investigation is to ensure justice is served and prevent future fraudulent activities.

Source: bnnbreaking.com

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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