Markets

Bosnia probes 1,970 companies for tax evasion

SARAJEVO, Bosnia-Herzegovina (AP) — Bosnia's prosecution office says it has launched an investigation against 1,970 companies that owe a total of 296 million konvertible marka ($206 million) in taxes.

A statement from the prosecutor's office said Tuesday that a team of investigators will look into companies from a list of debtors the tax authorities recently published. The team will look for evidence of criminal activity related to tax evasion.

The statement says the missed tax revenue is hurting the economy and public finances. Bosnia's economy was devastated by the 1992-95 war and never really recovered because of political instability that has spooked international investors. The unemployment rate is over 40 percent. There are almost as many people who are retired as there are in work.

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