The recent increase in fuel imports from Gibraltar to Spain, confirmed by the Corporation for Strategic Reserves of Petroleum Products (Cores), has raised suspicions among many oil companies about a potential connection to "VAT fraud." This type of tax fraud involves shell companies set up by criminal networks to facilitate the sale of fuel across Europe without paying VAT. Concerns grew following Spain's investigation of businessman Víctor de Aldama, allegedly linked to such operations, known as the "Koldo case."
According to reports from the digital media outlet Vozpópuli, fuel imports from Gibraltar rose by 81% in 2023, reaching 846,000 tons, and appear on track to exceed one million tons by year-end. Only Italy and the Netherlands, where Europe’s largest fuel port of Rotterdam is located, currently surpass Gibraltar in fuel imports to Spain.
The publication details the fraud scheme, which involves shell companies (“truchas” or “trout” companies, due to their fleeting nature) buying fuel and selling it through additional shell companies within the EU to avoid VAT on transactions. The Spanish companies that receive this fuel claim VAT refunds, generating estimated losses to the state of around 12 billion euros. Sources suggest Gibraltar could be used as a platform to introduce fuel to Spain, with alleged illegal trading of licenses to facilitate these transactions.
As a result, the PSOE and PNV parties recently proposed amendments in Spain’s Congress, requiring immediate VAT payment on these transactions and proposing the removal of diesel subsidies to counteract the illicit activities.
For further details, please refer to the full article on Vozpópuli: Fraude del diésel: las empresas constatan una escalada sospechosa de importaciones de Gibraltar | Vozpópuli.