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VW Investigated for Tax Evasion Over Bogus CO2 Ratings
Germany could charge Volkswagen AG with tax evasion and possible fraud because it understated carbon dioxide emissions from hundreds of thousands of its cars, thus reducing vehicle taxes ultimately collected by the government.
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Germany could charge Volkswagen AG with tax evasion and possible fraud because it understated carbon dioxide emissions from hundreds of thousands of its cars, thus reducing vehicle taxes ultimately collected by the government.
The taxes are paid to the government by vehicle owners, not the manufacturer. Lower CO2 levels equate to lower taxes and higher fuel economy ratings. Media reports say prosecutors are focusing their initial investigation on possible wrongdoing by five unidentified VW employees.
VW announced last week it had submitted “implausible” CO2 results for some 800,000 vehicles sold in Europe. The company set aside €2 billion to handle the problem and said it would pay any additional road taxes resulting from the adjusted ratings.
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