Tuesday, May 23, 2017

The Tax Cheats

"In the case of Ecuador, we calculated that an approximate amount of $30 billion is held in tax havens. Just so you get a general idea of what that means, Ecuador’s gross domestic product (GDP) is roughly around $100 billion so $30 billion means almost 1/3rd of our GDP." explained, Ecuador’s Foreign Minister Guillaume Long.

 He continued, "There are have been estimates that public infrastructure that is needed right now in the developing world is roughly $1.5 trillion. This includes hospitals, schools—the kind of infrastructure that the developing world needs to reduce huge rates of inequality, poverty, and some of the things we are trying to amend through, for example, the SDGs. And that’s only probably about 15% of illegal assets held abroad in tax havens and various offshore accounts." 

He added,  "There are huge numbers that are being reported. Oxfam talks of $7.6 trillion in tax dodging—I’m not even talking about illicit financial flows, not even talking about offshore accounts, I’m talking about $7.6 trillion in tax dodging."


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