9.7 billion euros revenue loss from VAT in 2011
9.7 billion euros revenue loss from VAT in 2011
The second worst performance in the European Union - “Time for member-states to act”, the European Commissioner for Taxation stresses
The European Commission report records significant losses of VAT revenue in Greece for 2011. Public funds lose 9,763 billion euros, that is 4.7% of GDP, while this was the second worst performer in the European Union.
The cumulative losses during the 2000-11 period amounted to 3% of the total Greek GDP. From 2008 until today, the loss of VAT revenue went up. The loss of revenue, the European Commission report reads, comes not only from tax evasion but also bankruptcies, lack of liquidity, statistical errors, legal problems and tax evasion.
According to the report, 39% of the expected revenue from VAT is not charged, and this performance ranks Greece in third place in the relevant list after Romania (48%) and Latvia (41%).
The European Commissioner for Taxation, Algirdas Šemeta, says: "The amount of VAT that is leaking is unacceptable, given the impact that these funds might have had to strengthen public finances and it is time for member-states to act."
Total losses from foregone taxes in 2011 in the 26 EU States that were surveyed amounted to 193 billion euros, or 1.5% of EU GDP.
The cumulative losses during the 2000-11 period amounted to 3% of the total Greek GDP. From 2008 until today, the loss of VAT revenue went up. The loss of revenue, the European Commission report reads, comes not only from tax evasion but also bankruptcies, lack of liquidity, statistical errors, legal problems and tax evasion.
According to the report, 39% of the expected revenue from VAT is not charged, and this performance ranks Greece in third place in the relevant list after Romania (48%) and Latvia (41%).
The European Commissioner for Taxation, Algirdas Šemeta, says: "The amount of VAT that is leaking is unacceptable, given the impact that these funds might have had to strengthen public finances and it is time for member-states to act."
Total losses from foregone taxes in 2011 in the 26 EU States that were surveyed amounted to 193 billion euros, or 1.5% of EU GDP.
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