Rome

Audit Court says 46 billion lost in VAT evasion

About 28% of potential revenues

Audit Court says 46 billion lost in VAT evasion

Rome, August 7 - Italy's Audit Court on Wednesday estimated undeclared revenues in 2011 on which the value added tax could be imposed at around 250 billion euros, with an annual loss of VAT tax returns worth 46 billion euros - about 28% of potential tax revenues. The Audit Court also estimated evasion from regional tax Irap in the 2008-2010 period to be worth 9 billion euros - 20% of potential tax revenues. Undeclared revenues on which the regional tax on companies could be imposed were 227 billion a year, the court said.

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