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%