Specialised Financial Authority uncovered tax evasion plot nearing CZK 4.5bn.

23. 9. 2015

A tax inspection of two firms has been conducted uncovering a sophisticated and complex scheme resulting in VAT evasion nearing CZK 4.5; the rationale behind the deed was based in conducting chain trade in precious metals, especially gold, platinum and silver, which enabled the partaking parties to make VAT claims over a long period of time. The transactions in question were conducted in the Czech Republic, Germany, Turkey, Saudi Arabia and Slovakia.The General Director of the General Financial Directorate stated: "Uncovering the plot was not easy as the firms created a highly sophisticated and, mainly, variable trade chain, 120 links of which needed to be inspected; an onerous task consisting of complex proceedings accomplished by the Tax Administrator in less than a year".

A fraud of such magnitude is the most serious one that has been uncovered so far; achieving this, coupled with adoption of appropriate measures, signifies a step forward in tackling the VAT evasion problem having been made.

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