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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