cross-posted from: lemmy.dbzer0.com/post/31857980
Every year, countries lose $492bn in tax a year to multinational corporations and wealthy individuals using tax havens to underpay tax, says the Tax Justice Network. Two-thirds of these losses, or $347.6bn, are attributable to tomultinational corporations shifting profit offshore to underpay tax. The remaining $144.8bn is due to “wealthy individuals hiding their wealth offshore.”
Almost half of these losses come from eight countries that oppose the adoption of a tax treaty under the aegis of the UN: Australia, Canada, Israel, Japan, New Zealand, South Korea, the United Kingdom and the United States, says the report. These “harmful eight,” according to the Tax Justice Network, cost the world $212bn in lost tax revenue every year.
Biggest contributors to tax havens and financial secrecy
Share of total global inflicted tax loss.
Country % 1 Cayman Islands 9.19% 2 Hong Kong 9.18% 3 Ireland 8.30% 4 United States 7.61% 5 Canada 6.34% 6 Singapore 5.90% 7 United Kingdom 4.76% 8 Gibraltar 4.49% 9 Switzerland 4.22% 10 Luxembourg 3.49%
cyrano@lemmy.dbzer0.com 4 weeks ago
SubArcticTundra@lemmy.ml 4 weeks ago
Ugh