Global tax evasion costs $427bn per year

Taxpayers around the world lose at least $427bn each year to individual tax evasion and multinational corporate profit-shifting, according to analysis from campaigning group the Tax Justice Network. The TJN said in a statement that it has sifted through records worldwide in the first global study of its kind - and urged global action over shadowy tax havens that have diverted billions of dollars from nations currently fighting the covid-19 pandemic. Higher income countries altogether lose over $382bn every year whereas lower income countries lose $45bn. "A global tax system that lo...