EU’s Annual Tax Losses at EUR 454 B - FT

Politics » BULGARIA IN EU | September 25, 2015, Friday // 14:03
Bulgaria: EU’s Annual Tax Losses at EUR 454 B - FT Photo by BGNES

The EU suffers annual tax losses amounting to EUR 454 B, or 8.6% of tax revenues overall, from the shadow economy, according to research published by Austria’s Linz University.

According to the report, as cited by the Financial Times and Bulgarian daily Sega, Bulgaria has the largest losses in the EU, at 18.8%.

Austria is the EU country with the smallest percentage of tax losses, at 4.5%.

Nearly 1/3 of the EU’s total annual tax losses are due to under-reported revenues by businesses handling a large proportion of cash, the other factor being undeclared work.


We need your support so can keep delivering news and information about Bulgaria! Thank you!

Bulgaria in EU » Be a reporter: Write and send your article
Tags: tax evasion, tax fraud, shadow economy
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria