Tax evasion will cost Germany about 65 billion euros ($79 billion) in lost revenue this year, Bild reported, citing studies by Friedrich Schneider at the Johannes Kepler University in Linz, Austria.

About 50 billion euros in revenue will be lost from off- the-books income and as much as 15 billion euros from undeclared investment outside Germany, the newspaper said.

To contact the reporter on this story: James Kraus in London at jkraus2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net