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What do we mean when we say ‘shadow economy’ or ‘black market’?

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What do we mean when we say ‘shadow
economy’ or ‘black market’?

This happens when goods and services are paid for in cash without a receipt, and are not declared for tax.
Isn’t this easy for me to avoid?
Not necessarily. If you buy something in a shop and you don’t get a receipt, it’s possible that the owner is not making a full tax declaration.
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What is ‘tax fraud’?

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What is ‘tax fraud’?

When people or businesses deliberately try to hide their money to escape paying tax, it is called ‘tax fraud’.

What is ‘tax evasion’?

When people cheat to pay less, this is called ‘tax evasion’.
Total losses are estimated to be up to €1 trillion a year in the EU!
(you could buy 40 000 000 cars with this money)
Tax fraud and tax evasion limit a country’s ability to raise money and implement economic and social policies. That could mean cuts in funding for public services such as health care or education, and a slower economy.
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Which topics do the microlearning clips cover?

  • What is tax?
  • How did taxes appear?
  • Who pays taxes nowadays?
  • Who collect the taxes and why?
  • Who benefits from taxes and how?
  • The consequences of not paying taxes
  • What sort of taxes are there?
  • Do businesses pay tax?
  • How is income taxed?
  • Can taxes help protect the environment?
  • What is a tax on the added value?
  • Whose duty is customs duty?
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