February 2014

Report: GovPH cheated by at least US$4B taxes due to smuggling in 2011

Global Financial Integrity: “The report estimated the size of the Philippine underground economy averaged 34.8% of GDP over the study period, and 29.7% of GDP in 2011. Larger underground economies facilitate crime and corruption and decrease tax revenue collection.

Illicit flows were found to both drive the underground economy and be driven by it, a result also found in country profiles of India, Mexico and Russia.”

The full report is here.