Fiscal Council: Tax evasion of 16% of GDP threatens Romania's future

Tax evasion in Romania reached some 16 percent of the GDP in 2013, up from 13.8 percent, according to the Fiscal Council, quoted by Mediafax. Most of the tax evasion - 12.2 percentage points – is generated by VAT. Meanwhile, the tax collection rate is very low, under 60 percent. The Fiscal Council has warned that a 16 percent tax evasion ration poses threats to the national safety and to the country’s future. Tax evasion on VAT amounts to some EUR 16.3 billion, out of which some EUR 2.2 billion for food products only. Ongoing searches at several companies in Romania in tax evasion case, damage estimated at EUR 1.5 mln Ongoing searches at dozens Romanian clinics in EUR 68 mln tax evasion and money laundering case Ongoing searches into alleged EUR 6 mln tax evasion, money laundry crime ring in Romania editor@romania-insider.com