Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, according to a new report, The Price of Offshore Revisited from the International Tax Justice Network (TJN).
This translates into as much as $280 billion in lost income tax revenues that could be paying down government debt and supporting public services and education.
New research published by the Tax Justice Network shows that tax evasion costs governments around the world more than US$3.1 trillion annually.
In Canada an estimated $81 billion a year is lost to tax evasion in the ‘shadow economy’ - that is half of our total healthcare spending. Canada ranks 11th out of the 145 countries surveyed in total amount of tax evaded.
NEWS
RELEASE: Oct. 28, 2011
New research published by the Tax Justice Network shows that tax evasion costs governments around the world more than US$3.1 trillion annually.
In Canada an estimated $81 billion a year is lost to tax evasion in the ‘shadow economy’ - that is half of our total healthcare spending. Canada ranks 11th out of the 145 countries surveyed in total amount of tax evaded.
