Three key measures to fight tax evasion by multinationals
One trillion euro is taken from the hands of citizens each year as a result of tax avoidance. That’s Euro 2000 per citizen. A large sum of money that won’t be invested in social security, education, job development or security.
- Each year, $250 billion is hidden in tax heavens
- Italy is the biggest tax loser with an annual Euro 180 billion loss. Estonia loses more than 28% of its government spending due to tax evasion each year.
- A global financial transactions tax of 0.05%, with an additional fiscal stimulus of 1%, could help create 2 to 3 million jobs in Europe alone
- 30% of all African wealth is belived to be held offshore, an estimated $14 bilion in lost tax revenues every year – enough to save the lives of up to 4 million children a year and get every African child into school
For that reason, MEP Hugues Bayet and the Socialists & Democrats in the European Parliament propose three key measures to the Commission and the member states, in order to fight against tax evasion by multinationals.