Monday, March 28, 2005
$255 billion a year stolen!!!!
I my opinion this is a major challenge facing all nations. One of the Canadian newpapers suggested $88 billion was held offshore to evade Revenue Canada. That is a lot of lost tax dollars. But when this is aggregated to the entire world, we see that the lost taxes is enough to bring clean water, combat aids, cure polio and destroy malaria, with enough left over to fight a war in the middle east. It is the revenue, man.
Jax
NICK MATHIASON, OBSERVER - The world's richest individuals have placed $11.5 trillion of assets in offshore havens, mainly as a tax avoidance measure. The shock new figure - 10 times Britain's GDP - is contained in the most authoritative study of the wealth held in offshore accounts ever conducted. The study, by Tax Justice Network, a group of accountants and economists concerned at the escalating wealth held in offshore locations, shows that the world's high-net-worth individuals earn $860 billion each year from their assets.
But there is growing alarm among regulators and campaigners because exchequers worldwide are missing out on at least $255bn of tax each year. Governments appear unable, or unwilling, to prevent the rich employing aggressive strategies to minimise their tax liabilities. (Link)
Jax
NICK MATHIASON, OBSERVER - The world's richest individuals have placed $11.5 trillion of assets in offshore havens, mainly as a tax avoidance measure. The shock new figure - 10 times Britain's GDP - is contained in the most authoritative study of the wealth held in offshore accounts ever conducted. The study, by Tax Justice Network, a group of accountants and economists concerned at the escalating wealth held in offshore locations, shows that the world's high-net-worth individuals earn $860 billion each year from their assets.
But there is growing alarm among regulators and campaigners because exchequers worldwide are missing out on at least $255bn of tax each year. Governments appear unable, or unwilling, to prevent the rich employing aggressive strategies to minimise their tax liabilities. (Link)
