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Tax Cheats Become Italyâs Public Enemy
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So far the Italian government has already recovered $15 billion for 2011 in its fight against tax evasion. The fight includes an advertising campaign depicting tax evasion as anti-social activity and vigorous enforcement by tax officials and the financial police. Italy has already banned cash transactions to reduce possibilities for evading taxes. This problem is severe in Italy because the underground economy is about 17.5% of GDP. An estimated $150 billion is lost to the Italian treasury from tax evasion. As a result Italy has a chronic budget deficit problem and is not able to make necessary investments in improving competitiveness to keep up with other countries. This may be one of the lasting achievements of the new administration of Mario Monti, along with its efforts to change the way the public thinks about other issues including labor laws that place large burdens on small companies in hiring practices. Italians sense the need to change the way they think about taxes because this is one way to reduce the burden of austerity measures- higher tax revenues could enable lowering taxes. It would also enable investing in improving competitiveness that would the economy grow and provide the jobs to reduce the high unemployment rate among young workers. One of the lasting positive aspects of the eurozone crisis is the change in the way the people and society think about many issues.
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One estimate of the loss to the Italian Treasury from tax evasion- through underreporting of income from plumbers to real estate agents and large property owners and other forms of tax evasion- is $340 billion. With the deepening economic crisis the sense of what this is costing the country is beginning to sink in. About 73% of Italians now support the fight against tax evasion being led by the new government of Mario Monti, the former European commissioner. The loss is not only to the Treasury and ability to balance the budget without deficits, this also burdens companies and reduces capital needed for investments in plant, new equipment, and R&D, which create jobs.
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