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Greece Tries Again to Cut Tax Evasion
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The shadow economy is about 24% of Greece's economy, according to a study at the University of Chicago. Unreported income is $28 billion or 15% of GDP. The Greek government of Antonis Samaras is taking new steps to tackle this problem. New regulations allow customers to go without paying if service providers refuse to give a receipt for the transaction. Restaurants will be required to post the regulation in their menus. Doctors, lawyers and other service providers will have to follow the new rules.
Greece's culture of tax evasion and the cost to the economy
06/24/2010
Economists using data from Greek banks estimate the tax evasion in Greece at $11 billion based on a 40% tax rate, or about one third of the deficit for 2009. Unreported income is 28 billion euros.
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