English: Map of tax havens, using the 2007 pro...

English: Map of tax havens, using the 2007 proposed “Stop Tax Haven Abuse Act”, US Congress, list of tax havens (Photo credit: Wikipedia)

Tax Havens Assets held offshore, beyond the reach of effective taxation, are equal to about a third of total global assets. Over half of all world trade passes  through tax havens. Developing countries lose revenues far greater than annual aid flows. We estimate that  the amount of funds held offshore by  individuals is about £7.42 trillion – with a resulting annual loss of tax revenue on the income from these assets of about 160 billion pounds.  This is five times what the World Bank estimated in 2002  was needed to address the UN Millenium Development Goal of halving world poverty by 2015.  This much money could also pay to transform the world’s energy infrastructure to tackle climate change. In 2007 the World Bank has endorsed   estimates by Global Financial Integrity (GFI)  that the cross-border flow of the global proceeds from criminal activities, corruption, and tax  evasion at £0.6-1.0 trillion per year, half from developing and transitional economies.

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