Tax Fraud, Duty Evasion Plague Developing Nations: Report

Law360, New York (November 07, 2013, 2:38 PM ET) -- The $217 billion worldwide fishing industry suffers from rampant tax evasion due to fraudulent document creation and quota altering that particularly harms developing nations, according to an Organization for Economic Cooperation and Development report released Thursday.

The OECD found the international fishing sector is vulnerable to organized tax fraud in several areas, including the evasion of import and export duties on fish transported across national borders, fraudulent value added tax repayment claims, failure to account for fishing profit income taxes, and false claims for social security...
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