A new report published today by Oxfam estimated that a high proportion of tax dodging is taking place around the world. Of the total estimated, the firm believes that of $18.47 trillion it is being held by individuals in tax havens around the globe while over a third of it, $7.18 trillion is sitting in accounts in British Overseas Territories and Crown Dependencies. Oxfam added that if one wants to add them all, it would be enough to end the poverty twice.
Emma Seery, Oxfam’s Head of Development Finance and Public Services, said: “These figures put the UK at the centre of a global tax system that is a colossal betrayal of people here and in the poorest countries who are struggling to get by, and put the government on the side of the privileged few. If they want to get on the right side of this debate, now is the time to take action. Britain’s credibility is on the line; talking tough on tax, whilst continuing to usher a third of the world’s wealth into UK tax havens, risks making a mockery of David Cameron’s leadership at the G8 Summit in June.”
Oxfam further said that the lost tax revenue of $156 billion the organization estimated is just a fraction of total tax loss as it only reflects that on how much the tax individuals are neglecting to pay to the government while it also means that the numbers does not include the taxes dodged by companies cost poor countries over $160 billion a year.