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Luxembourg among the main contributors to tax evasion: report (delano.lu)

submitted 1 day ago by cyrano@lemmy.dbzer0.com to c/europe

3 comments fedilink hide all child comments

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.

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[–] jenesaisquoi 6 points 1 day ago (2 children)

Will this make people stop shitting on the (OECD standard for automatic tax data sharing compliant) Switzerland, and instead look to the real assholes, like Luxembourg, Panama, Delaware, Cayman Islands and Bermuda?

Narrator: It did not.

[–] cyrano@lemmy.dbzer0.com 3 points 1 day ago (1 children)

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.

[–] jenesaisquoi 3 points 1 day ago* (last edited 1 day ago)

200 billion seems way too low, compared with the size of the economies of the Western countries. Even 400 billion is on the low end.