Tax evasion in Europe

$320 Billion in income is estimated to be undeclared in Italy, according to the nation’s Industry Minister.

In Greece, the government may be losing up to $30 Billion a year due to tax evasion.

The Spanish Government collected more than $13 Billion in 2010 by focusing on tax evasion activities, an increase of 23 percent from 2009 enforcement levels. In 2011, an estimated 80 percent of the largest companies in Spain harbor profits in tax havens around the world.

Source: Tim Lister, “Tax evasion is a national pastime afflicting southern Europe,” CNN, November 3, 2011.