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Ireland, UK To Introduce Marker For Rebated Fuels

by Robert Lee, Tax-News.com, London

17 February 2014


Ireland and the UK are to introduce a new marker for rebated fuels, and will consult with the oil industry on how to implement the changes.

The aim is to make it harder to launder the fuel and sell it on at a profit. The chemicals and acids will remain in the fuel and damage fuel pumps in diesel cars. During a joint evaluation, the chosen marker was deemed significantly more effective than the current markers.

The use of rebated fuel is limited to specific circumstances, primarily in agriculture, construction and heating.

Nicky Morgan, Economic Secretary to the UK Treasury, said: "I am delighted that our two countries have come together to fight the shared problem of illicit fuel. At a time when the government's priority is cutting the deficit, it is unacceptable that criminals are cheating the system."

"Using illicit fuel is not a victimless crime; it robs the government of tax revenue that is used to fund vital public services and puts those businesses that follow the rules at a commercial disadvantage. It also has a severe environmental impact, with considerable clean-up costs for local councils," Morgan added.

Ireland's Finance Minister Michael Noonan explained that the marker was "an important element of Revenue's overall strategy to tackle the problem of fuel laundering and is an example of the excellent cooperation between the two countries in tackling this shared problem."

Noonan said that he was "confident of the continued support of the industry in tackling illegal activity and their cooperation with the implementation of the new marker."

TAGS: environment | compliance | Finance | tax | business | marine | value added tax (VAT) | tax compliance | Ireland | tax avoidance | revenue guidance | VAT cross-border transactions | United Kingdom | tax authority | tax planning | tax rates | HM Revenue and Customs (HMRC) | revenue statistics | tax reform | construction | HM Revenue and Customs (HMRC) | services | VAT compliance matters

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