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Tax fraud drains potential from Romanian economy: analysts

Vendors arrange their fruits and vegetables to be sold at a marketplace in Bucharest August 20, 2014Tax evasion is eating away at the heart of Romania and holding back the country, among the poorest in the European Union, in its efforts to catch up, analysts warn. The estimates for the costs of the so-called black or undeclared economy are huge: about one quarter of economic activity and one quarter of people in work are believed to be beyond the reach of tax inspectors. Undeclared activity exists across the 28 members of the European Union at a cost of at least 1,000 billion euros ($1,333 billion) per year, the European parliament estimates. In some EU countries, the shadow economy accounts for a significant slice of activity, but the European parliament said that Bulgaria and Romania were the most severely affected.

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