Tax evasion in investment activities is changing

International investment activities involve several tax evasion and income hiding phenomena. According to a recent report, more effective legislation is also needed in order to combat them.

Almost half of Estonian-owned companies have tax arrears

Estonian-owned companies registered in the Finnish Trade Register have tax-related reporting and payment irregularities more frequently than Finnish-owned or other foreign-owned companies. These are some of the facts that emerge from the reports conducted by the Grey Economy Information Unit.

Is combating the shadow economy like firefighting? 

A survey about the shadow economy targeted at the authorities yielded plenty of information on challenges faced in combating it. The answers show that the shadow economy is becoming more international, professional and serious. As a solution, they would like to step up cooperation and have a broader mandate to enhance their control efforts.

The big picture of the grey economy and economic crime

The website on the grey economy and economic crime provides summarised information on the grey economy and economic crime in Finland. The website is maintained through the cooperation of the authorities engaged in combating the grey economy. Further information on the authorities is available under the section About this website.

The website will support the decision-making of authorities and political decision-makers. The information it provides will enhance society’s capabilities to react rapidly to the phenomena and harm associated with the grey economy and economic crime. In addition, the website will provide companies and citizens with information on how to act or protect themselves against such harm.

The big picture is a combination of various aspects

The website provides an overview of the topical phenomena of the grey economy and economic crime comprising the observations of a number of different authorities. In addition, the website offers both domestic and international estimates on the scope and amount of the grey economy and economic crime. The website also provides information on the impact of action taken to prevent the grey economy and economic crime based on the statistics of authorities, including company audits and their results. The website also follows the progress of various projects included in the operational programme concerning the grey economy and economic crime.

In addition, the website contains a selection of recent domestic and international news flows on the grey economy and economic crime.

News about the shadow economy and economic crimes

Belgium: FSMA fines Tavares and Transics

The FSMA has fined Tavares and Transics some EUR 1.40mn (USD 1.61mn) relating to Tavares' acquisition of Transics International shares and the indirect resale of these shares to the US group Wabco....

Belgium: Proximus boss confirms searches due to possible insider trading

Dominique Leroy, outgoing CEO of Belgian telecommunications firm Proximus, has announced that searches were conducted by Brussels police at her home and in her office regarding the sale of shares of...

Denmark: EUR 500 notes to be banned in 2020

The ban on using 500-euro notes in Denmark will come into effect from 10 January 2020. According to trade organisation Finans Danmark, the ban will contribute to fighting money laundering and terror...