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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.
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