Australians hold more than one-third of a trillion dollars in known tax havens and profit-shifting by multinational firms deprives Treasury of almost $11 billion a year, finds a new international report.
Professor Zucman — who this year won the John Bates Clark Medal, considered the “junior Nobel” for economics — calls for a cross-government group like the Intergovernmental Panel on Climate Change (IPCC) to close loopholes and strengthen the global minimum tax rate on multinational corporations.
The EU Tax Observatory is a research laboratory hosted at the Paris School of Economics with a score of full-time staff, co-funded by the European Union.
With governments facing large debts due to COVID stimulus and costs, and the need for massive investment to transition away from fossil fuels, pressure is mounting to narrow budget deficits either by spending cuts or raising taxes.
EU Tax Observatory senior policy advisor Quentin Parrinello, who worked on the report, said there are dangers for social cohesion if the wealthiest are excluded from sharing in those costs.
Nobel Prize for Economics recipient Joseph Stiglitz backs up the call, in what he described as a “landmark report” that details the ways tax evasion and avoidance can be curbed.
Australia lags the world in enacting so-called “tranche two” reforms that would force the sector, including agents and conveyancers, to comply with laws designed to stop money laundering.
The original article contains 1,275 words, the summary contains 189 words. Saved 85%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Professor Zucman — who this year won the John Bates Clark Medal, considered the “junior Nobel” for economics — calls for a cross-government group like the Intergovernmental Panel on Climate Change (IPCC) to close loopholes and strengthen the global minimum tax rate on multinational corporations.
The EU Tax Observatory is a research laboratory hosted at the Paris School of Economics with a score of full-time staff, co-funded by the European Union.
With governments facing large debts due to COVID stimulus and costs, and the need for massive investment to transition away from fossil fuels, pressure is mounting to narrow budget deficits either by spending cuts or raising taxes.
EU Tax Observatory senior policy advisor Quentin Parrinello, who worked on the report, said there are dangers for social cohesion if the wealthiest are excluded from sharing in those costs.
Nobel Prize for Economics recipient Joseph Stiglitz backs up the call, in what he described as a “landmark report” that details the ways tax evasion and avoidance can be curbed.
Australia lags the world in enacting so-called “tranche two” reforms that would force the sector, including agents and conveyancers, to comply with laws designed to stop money laundering.
The original article contains 1,275 words, the summary contains 189 words. Saved 85%. I’m a bot and I’m open source!