Annual VAT lost at around 5-6 bln
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Greece's annual value-added tax losses are roughly equal to the latest package of austerity measures (of 5.4 billion euros), according to European Commission data on the VAT deficit across the European Union, which adds up to 159 billion euros per year.
In the period from 2000 to 2014 Greece has missed out on VAT revenues that come to some 90 billion euros, corresponding to about 30 percent of the country's debt.
The figures released on Tuesday showed that in 2014 Greek state coffers lost out on 4.93 billion euros, as they received 12.67 billion from a potential 17.6 billion, i.e. a loss of about 28 percent. In 2014 Greece actually managed to contain VAT evasion from 6.3 billion euros in 2013 (or 34 percent), partly thanks to reducing the VAT on food service from 23 percent to 13 percent from August that year.
The data make it clear that the increase in VAT rates...
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