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

Published in Debt Crisis