- Italy executed a freezing order of over €6.8 million ($7.34 million) against four individuals and a company for VAT fraud related to illegal fabric imports from China.
- The European Public Prosecutor’s Office (EPPO) in Bologna requested the order.
- The Italian Financial Police (Guardia di Finanza) executed the order, freezing over €620,000 (~$669,495) in bank accounts and seizing over €27,000 (~$29,155) in cash.
- The investigation targets eight individuals and seven companies for evading VAT on 13,600 tonnes of textiles worth around €63 million imported from China to the EU.
- Suspects include owners and managers of customs shipping companies in Prato and Bologna, and Chinese entrepreneurs.
- They are suspected of smuggling, forgery, and issuing fake invoices.
- The scheme involved declaring imports but not moving goods to tax warehouses, avoiding VAT payment.
- The estimated VAT loss is over €13 million (~$14 million).
- The EPPO is responsible for investigating and prosecuting crimes against the EU’s financial interests.
Source: fibre2fashion.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.
Latest Posts in "Italy"
- FINTUA Global VAT Guide for September 2025
- Italian Revenue Agency issues ruling on VAT treatment of intra-entity services between Italian and UK fixed establishments of foreign company
- Companies Must Opt for VAT Group by September 30 for 2026 Implementation
- Tax Authority Clarifies VAT on Rechargeable Fuel Cards: Implications for Businesses and Professionals
- Tax Benefits for Construction and Restoration Companies: 10% VAT Rate Explained
