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Luxembourg among the main contributors to tax evasion: report (delano.lu)
submitted 1 week ago by cyrano@lemmy.dbzer0.com to c/unitedkingdom
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cross-posted from: https://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%
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[–] cyrano@lemmy.dbzer0.com 9 points 1 week ago (1 children)

Despite the support of 110 countries last August, the eight opponents have blocked the negotiations. These countries, responsible for a disproportionate share of global tax losses (43%), represent barely 8% of the world’s population. The United Kingdom, for example, and its dependent territories alone account for $129bn in tax losses, or 26% of the world total.