Economics
Topic updates
Tax avoidance costs the global economy $427bn a year,
20th November 2020
The Tax Justice Network reports here that tax avoidance costs the global economy $427bn a year. That’s a nurse’s yearly salary lost every second.
Countries are losing over $427bn to tax havens every year. That’s a nurse’s yearly salary lost every second. Find out how much your country is losing, and which countries are most responsible for global tax losses in the State of #TaxJustice2020, now out: https://t.co/vTBW40gwzf pic.twitter.com/Fv1qOx0xXi
— Tax Justice Network (@TaxJusticeNet) November 20, 2020
Half of that amount comes from situations where multinationals have repatriated profits from where they've been generated to tax havens.
Corporate and personal tax avoidance is one of the defining issues of the age and an important one to raise in evaluation when discussing fiscal policy, poverty and inequality, the economics of globalisation and much else besides. The full report can be found here.
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