TOBACCO FRAUD COSTING EU COFFERS DEAR SAYS REPORT
July 1st, 2006
BY KEITH NUTHALL
THE VAST financial impact on the European Union (EU) budget of financial frauds involving the cigarette industry has been made starkly clear by the most recent report from EU anti-fraud agency OLAF. It says the cost of cases being probed by its investigators during 2005 was Euro 1.3 billion. Because these essentially involve the evasion of duty, they are painfully expensive to EU institutions, which depend on this indirect taxation revenue. "The illicit trade in tobacco products continues to be a major problem in the EU, causing ...
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