Tax evasion costs EU €170bn a year

The value of losses caused due to tax avoidance and evasion in the European Union amounts to €170bn per year, a Polish state think-tank said. The report from the Polish Economic Institute estimated the total tax avoidance losses over a 7-year period to be €1.19trn. According to PIE data, the largest EU "tax havens" include the Netherlands and Ireland, and Germany and the United Kingdom lose most on tax avoidance and evasion. "Losses resulting from the use of international transactions for tax fraud and tax avoidance reduce EU Member States' revenues by around €170bn annually," Piotr A...