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

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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.
Malti

What is ‘tax fraud’? mt

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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.
Malti
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