Monday, 20 February 2012 11:28
Italians & Tax
- On 30 December 30, 2011 80 tax officials launched a raid at Cortina D'Ampezzo.
- They traced the owners of 133 luxury cars: 31.5% had declared incomesĀ of less than 22k EUR + 12% between 22k and 50k
- Another 118 were owned by companies: 16% had declared losses, 31% had declared income of under 31k
- Spot checks carried out on hotels etc: one boutique (revenue 1.6m EUR), could not produce a single receipt
- Black Economy estimated at 17.5% of GDP
- National Debt of 120% of GDP
- Primary fiscal surplus of 1.7%, aims to increase to 5% from 2013
Interesting statistics, one would assume correcting tax evasion would massively help Italy's National Debt problem.
These statistics are sourced from Hunter Hall
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Debt Crisis
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