Tax havens holding trillions

A NEW report has found that as much as $US21 trillion is being held in offshore tax havens around the world.

The study, which was produced by campaign group the Tax Justice network, looked at the amount of money which has been moved to low-tax or tax-free jurisdictions.

The report's author, former McKinsey consultancy director James Henry, estimated that at least $US21 trillion has been moved beyond the reach of home country tax authorities, representing lost tax revenues worth up to $US280 billion.

He said the figure, equivalent to the combined gross domestic product of the United States and Japan, was conservative, adding that up to $US32 trillion may have found its way into tax havens including the Cayman Islands and Switzerland.

"[The assets are] protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy," he said.

Read more at ABC news online.

Topics:  tax evasion

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Debbie the second most costly cyclone in Australia's history

The Insurance Council of Australia says the cost of Debbie's damage is second only to Cyclone Tracy which devastated Darwin in December, 1974.

$1.71 billion to fix damage from Townsville to Lismore

How to stop Facebook from grabbing your data

How Facebook can grab your data, and what to do to stop it

Billie is back home for a Peepshow with Circa

SHOW: Circa will offer the world premiere of  Peepshow  in Lismore.

Mullumbimby performer is back with show's world premiere

Local Partners