Income tax evasion up to $1.9 billion yearly. Recouping it would pay off half the deficit

Out of a potential income tax of $2.9 billion per year, the public Treasury is only grossing one third, according to a study by Bank Audi, which claims that this brings income tax evasion to $1.9 billion per year.

Marwan Barakat, Head of Research at Bank Audi, said: "The uncollected income tax represents the largest contributor to tax evasion. There is also delinquency in payment of some electricity bills and under-declaration of the value of real estate transactions, leading to lower reg...

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