Tax Evasion in Puerto Rico

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

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