Offshore tax evasion burns 46bn a yr

EC estimates wealth taken from taxman for first time

(ANSA) - Brussels, October 11 - From 2004 to 2016, because of tax evasion on offshore capital, EU countries lost an average of 46 billion euros each year, or 0.5% of GDP, a report from the European Commission said Friday.
    Italy, the fourth-richest offshore country in the EU after Germany, France and the UK, lost an average of 3.12 billion euros, or 8.7% of GDP, the report said.
    European Economic Affairs Commissioner Pierre Moscovici hailed the report for, "for the first time having estimated the offshore wealth of Europeans and the losses for States".
   

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