Economics and tax officials in Puerto Rico estimate that the territory fails to collected an estimate $800 Million in tax revenue from due to unreported income each year. The island currently has a 7 percent sales tax that residents avoid through the use of cash transactions. According to data from the US Treasury, over 80… Continue reading Tax Evasion in Puerto Rico
Tag: tax evasion
Underinvoicing of Chinese imports in Bangladesh
The underinvoicing of imports from China into Bangladesh is estimated to be as high as $3 Billion a year. Underinvoicing is the fraudulent method of paying for invoices and taxes. The Economist used an example where a importer in Bangladesh orders $10 in goods from China. Rather than paying the full amount, the importer pays… Continue reading Underinvoicing of Chinese imports in Bangladesh