Tax-Avoidance Experts – Trade invoice fraud cost U.S. $2.3 trillion in tax revenue

Tax-Avoidance Experts – Trade invoice fraud cost U.S. $2.3 trillion in tax revenue

Corporate tax evasion and money laundering have cost the U.S. $2.3 trillion in tax revenue, according to an analysis by a professor at Florida International University. FIU College of Business professor John Zdanowicz, a fraud expert, indicates that U.S. companies used false invoices to mask the true value of imported and exported goods. The study covers the period from 2003 to 2014 and is based on U.S. Customs data.  As international banking as become more closely tracked, criminals increasingly have turned to false invoicing, found Zdanowicz, growing from $168.31 billion in 2003 to $230.58 billion in 2014 — a 30 percent increase.

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