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Fiscal evasion, over 25 percent of "offshore" financial wealth in the world remains untaxed

2023-11-24 12:17:01Biznes SHKRUAR NGA REDAKSIA VOX

Fiscal evasion, over 25 percent of "offshore" financial wealth in the

The many ways in which the wealthy and companies can avoid taxes have long been known. However, recently the situation is improving somewhat. A new report on global tax evasion by the 'European Union Tax Observatory', based on the work of more than 100 researchers, includes some clearly illegal practices, such as hiding income from offshore bank accounts, such as and gray area tax-saving practices, such as shifting profits to foreign shell companies and consolidating holding companies or trusts to manage personal wealth.

But in this respect finally comes good news. The exchange of information between countries was a major development, which came from two sources: first, the US Foreign Account Tax Compliance Act of 2014 requires all banks, wherever they are, to report movements of American taxpayers' accounts and secondly, the OECD, launched in 2017-2018, provides for the automatic exchange of bank information.

As a result, it is now more difficult for the wealthy to under-declare their financial wealth and this form of tax evasion has been reduced. In 2022 alone, almost $12.6 trillion of offshore wealth was declared to foreign taxes through this mechanism. However, the report of the European Observatory estimates that almost 25% of the world's offshore financial wealth remains untaxed. Not all financial institutions comply with the reporting requirements and the US, which includes separate state tax authorities, does not participate in the OECD exchange.

The report notes that rates among the world's tycoons amount to just 0%-0.5% of their wealth, largely because they use shell companies to avoid taxes. The obvious solution is to impose a tax only on dollar-rich billionaires. Even a relatively low tax rate of 2% would raise about $250 billion a year from less than 3,000. Another OECD initiative, to control multinational conglomerates that shift profits to low- or no-tax countries, has not done enough. The agreed rate of 15% was well below the international average. Thus, multinationals continued to benefit from declaring profits in tax havens.


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