NEW STATESMAN – The UK’s tax authority, HM Revenue & Customs (HMRC), has said that it will launch reverse value-added tax (VAT) charges for carbon emissions trading from 1 November, replacing a zero tax rate put in place in July 2009 to check fraud. As per the proposed implementation of a reverse charge accounting mechanism, it will be the responsibility of the customer, not of the supplier, to account to HMRC for VAT on supplies of the specified emission allowances, Reuters reported. Read More
