Slovakia's Tax Authority Estimates Shadow Economy at 17 Billion Euros

Slovakia's Financial Administration has estimated the country's shadow economy at 17 billion euros, representing a significant portion of undeclared economic activity. The tax authority identified the main sources of revenue losses as unreported sales, illegal employment, and tax evasion schemes that deprive the state budget of substantial funds. The Financial Administration, Slovakia's central tax collection agency, regularly monitors and estimates the size of the underground economy to assess the scope of tax compliance issues facing the country. This 17-billion-euro figure highlights the ongoing challenge Slovak authorities face in combating tax avoidance and ensuring businesses and individuals meet their fiscal obligations to the state.