Loss of Corporate Tax Revenue
A US-backed global gag order preventing governments from revealing the names of multinational corporations found shifting billions into tax havens has caused countries to miss out on over $475 billion in corporate tax from 2016 to 2021, according to the Tax Justice Network's research.
“Governments claim there isn’t enough money for climate action but as this report clearly shows, there is – it is in the wrong hands”
said Greenpeace International’s Nina Stros. The tax lost is far more than the amount urgently needed for the $300 billion climate finance fund that countries committed to in 2024.
Author's summary: Corporations evade $475bn in taxes.
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