$1 trillion in the shade – the annual profits multinational corporations shift to tax havens continues to climb and climb

Image: The Conversation – CC BY-NC-ND. Article by Ludvig Wier and Gabriel Zucman. The Conversation – February 23, 2023.

About a decade ago, the world’s biggest economies agreed to crack down on multinational corporations’ abusive use of tax havens. This resulted in a 15-point action plan that aimed to curb practices that shielded a large chunk of corporate profits from tax authorities. But, according to our estimates, it hasn’t worked. Instead of reining in the use of tax havens – countries such as the Bahamas and Cayman Islands with very low or no effective tax rates – the problem has only gotten worse. […]

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