Daily Tax Report: International

Tax Abuse, Evasion Cost World $427 Billion a Year, Report Says

Nov. 20, 2020, 5:11 PM

Countries are losing more than $427 billion in tax revenue through tax abuse and evasion, according to a new report published Friday.

The State of Tax Justice 2020 report estimates that multinationals paid $245 billion less tax than they should by shifting profits to jurisdictions where they pay no or negligible amounts, said Javier Garcia-Bernardo, a data scientist for the Tax Justice Network. He presented the findings at a webinar convened in collaboration with the Global Alliance for Tax Justice and Public Services International.

  • Wealthy individuals reduced their tax burden by $182 billion by stashing undeclared assets and income...

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