Italy’s tax evasion

ROME: Endemic tax evasion will cost Italy 122 billion euros in lost revenue this year, employers’ organisation Confindustria said on Wednesday. The bosses’ group urged the government to initiate a clampdown, highlighting research which calculated that 99 per cent of taxpayers face virtually no risk of being subjected to spot checks. Confindustria in-house think-tank, CSC, calculated that by halving the losses to evasion and returning the savings to taxpayers, the government could have added 3.1 per cent to the country’s economic output and generated 335,0000 new jobs in this year alone.