Corruption-plagued Europe

ECONOMY

by THE OLBIOS TEAM

Tax fraud and tax evasion represents a most serious problem and affects each and every European citizen. Huge sums are being lost due to tax evasion and avoidance. Estimates go up to 1 trillion, in Europe alone. But how does tax fraud and tax evasion actually happen?

This money is actually lost in a number of ways including: tax fraud and evasion which illegally deprive public budgets of money, tax havens which facilitate tax evaders and avoiders by storing money offshore, often unreported and untaxed or even aggressive tax planning by big businesses or individuals, which exploits the limits of the law with the aim of minimizing taxes paid.

Tax fraud and tax evasion affect us all personally, directly and indirectly : we should only think of the new classrooms, the new hospitals, the new railway lines and roads that could be funded if all that tax money could be recovered… Tax fraud and tax evasion limit the capacity of EU countries to raise money and implement their economic and social policies. That could mean cuts in public services and an always slower economy. Watch the following videos to discover what is to be done against the billions lost in corruption.

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