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Italy: Almost €52bln euros of revenue untaxed last year

last update: January 23, 18:59

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Rome, 23 January (AKI) - Close to 52 billion euros of undeclared income went untaxed last year, almost a third of which was taken out of Italy, according to the country's finance police.

Capital transferred abroad to tax havens, and foreign-based companies' income earned in Italy subject to taxation here accounted for 15.1 billion euros of the total, finance police said.

More than 12,000 company officials were responsible for the tax dodging, which took a variety of forms, finance police said. The offences included carousel fraud (not paying tax to the government on items sold with VAT) and issuing or using false invoices.

Procedures have begun for the seizure of 4.6 billion euros and 202 company officials have been arrested according to finance police.

Over 8,300 people hid income or nor did not file a tax return, dodging 16.1 billion euros of taxes, according to finance police.

Finance police also reported over 14,200 workers employed completely off the books and nearly 13,400 who were "irregular"

An estimated 130 billion euros is evaded annually in Italy, head of Italy's tax agency reported last month.

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