Domenica, 21 Ottobre 2018
ROME

Italy has world's second-largest underground economy

English
© ANSA

Rome, June 19 - Italy's underground economy has
become so large that it is second only to Greece in
international rankings, a senior audit official said Wednesday.
The size of the economy that exists outside the legal tax
system is "significant" - up to 18% of national GDP, said Luigi
Giampaolino, president of the national Audit Court.
Put another way, avoidance of such taxes as the VAT meant
that as much as 50 billion euros slipped away from the taxman in
2011, he said.
"That places our country in second place in the
international rankings (of tax avoidance) led by Greece,"
Giampaolino told a parliamentary hearing.
There is a "high propensity to avoid declaring taxes".

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