$427 billion lost each year to tax dodging by corporations and the rich: landmark study

To ensure countries around the world don’t continue to lose hundreds of billions of dollars each year which could go to strengthening their public health, infrastructure, and education systems, the Tax Justice Network said, governments must promptly take three far-reaching actions:

– Introduce an excess profit tax on multinational corporations making excess profits during the pandemic, such as global digital companies, in order to cut through profit shifting abuses.

– Introduce a wealth tax to fund the Covid-19 response and address the long term inequalities the pandemic has exacerbated, with punitive rates for opaquely owned offshore assets and a commitment between governments to eliminate this opacity.

– Establish a UN tax convention to ensure a global and genuinely representative forum to set consistent, multilateral standards for corporate taxation, for the necessary tax cooperation between governments, and to deliver comprehensive, multilateral tax transparency.