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Undeclared Italian earnings equaled 56 bln euros in 2012

'Extend statute of limitations on tax crime' says Capolupo

18 March, 17:40
Undeclared Italian earnings equaled 56 bln euros in 2012 (ANSA) - Rome, March 18 - Italy's public coffers in 2012 missed out on 56 billion euros' worth of undeclared earnings and 4.7 billion euros' worth of unpaid VAT tax, the commander of the finance police told a Senate finance committee on Tuesday.

"Italy has high taxes, but also a high rate of tax evasion, which is a major obstacle to a competitive market", General Saverio Capolupo told MPs.

"The phenomenon has reached such proportions that countermeasures can no longer be put off".

Of the total undeclared revenue, more than 17 billion euros were earned in international operations and 22.7 billion euros were domestic earnings, Capolupo explained.

The general urged lawmakers to extend the statute of limitations on tax evasion, which currently expires after eight years, and to make false accounting a crime. "Accounting fraud is not a purely civil issue, because it has tax implications", Capolupo said.

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