an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.
These figures represent a huge loss of resources that, if collected, could be used to cut taxes on the rest of us, or spent on social programs to help people in our societies.
Four Corners reporter Marian Willkinson reveals how hard it was to get through the front door of law firm Mossack Fonseca — the parallel world of tax havens.
United States corporations avoid an estimated $US1.45 billion ($2.06 billion) of tax in Australia each year by shifting their profits to low or no tax countries, research shows.