Posts tagged "CRS"
FIGURE 1. Automatic exchange of financial account information, key figures for 2018-2021 Number of financial accounts (millions) Assets covered (EUR trillions)
Jul 25, 2023 Analysis

Does tax abuse by multinationals and the wealthy cost the world $5 trillion?

The Tax Justice Network claims the world will lose $5 trillion in tax abuse over the next 10 years. They say $301bn of tax is lost each year to cross-border corporate tax abuse by multinationals, and £171bn is lost each year to tax evasion by wealthy individuals using tax havens. Both claims are false. The […]
Number of accounts 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 Number (lines) and balances (bars) of foreign accounts held by UK taxpayers and reported to HMRC under CRS mw Non-tax havens m@ Tax havens £607bn £445bn £280bn £116bn £569bn £405bn 2016 2017 2018 2019
May 27, 2022 Investigations

Tax Policy Associates report: UK taxpayers have £570bn in tax haven accounts, and HMRC has no idea how much of this reflects tax evasion

FOIA requests made by Tax Policy Associates reveal that £570bn is held in tax haven bank accounts by UK taxpayers, but HMRC has made no attempt to estimate how much of this is undeclared in UK tax returns, and therefore reflects tax lost to criminal tax evasion. The background Since 2018, almost all UK residents […]

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