Brazil loses $83 bn per year with tax fraud

Brazil fails to collect more than R$ 417 billion ($83 bn) per year in taxes, due to company evasion. A survey made by IBPT shows that the invoice not declared by the companies is $2.33 trillion ($466 bn) per year. According to the survey, the ICMS was the most tax evasion in 2018. In 2019, the income tax evasion exceeded the ICMS. IBPT has discovered that 47% of the small companies evasion tax. The tax among the medium companies is 31% and among the big companies it is 16%.

Source: Money Times